DALLAS, Sept. 26, 2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE:AHT) ("Ashford Trust" or the "Company") today announced that it was notified by the New York Stock Exchange (the "NYSE") on September 23, 2024, that it is not in compliance with Section 802.01C of the NYSE's Listed Company Manual, which requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading day period.
The Company plans to notify the NYSE within 10 business days of receipt of the notice that it intends to execute a 1-for-10 reverse stock split in order to regain compliance. The Company can regain compliance at any time within a six-month cure period following its receipt of the notice if, on the last trading day of any calendar month during such cure period, the Company has both: (i) a closing share price of at least $1.00 and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of the applicable calendar month.
The Company believes the reverse stock split will benefit all shareholders by addressing several items impacting its common stock:
It will allow the Company's common stock to continue trading on the NYSE.
The Company anticipates that the reverse stock split will meaningfully increase the Company's market price per share above the $5 per share threshold required by ...
