The company revealed in a recent Form 10-Q filing that it has signed non-binding letters of intent to acquire PIXL in Plantation and Envy Pompano Beach. As part of the deal structure, Stewards received five promissory notes totaling $1.7 million, which may eventually offset the final purchase price should the transactions proceed.

Under the proposed terms, the firm intends to issue restricted common stock at $3 per share to acquire equity interests from current property owners. Stewards clarified that the $240 million aggregate implied value attributed to the two properties includes existing debt and does not reflect the total amount of stock to be issued. This development follows the company’s recent transition to the Nasdaq Capital Market on September 10, when the stock began its tenure at $2.23.