DALLAS, Oct. 15, 2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE:AHT) ("Ashford Trust" or the "Company") announced today that its Board of Directors unanimously approved a reverse split of the Company's common stock at a ratio of 1-for-10.
As of the effective date of the reverse split, each share of the Company's issued and outstanding common stock and equivalents will be converted into 1/10th of a share of the Company's common stock. The reverse stock split will become effective as of the close of business on October 25, 2024 and the common stock is anticipated to commence trading on the New York Stock Exchange (the "NYSE") on October 28, 2024 on the split-adjusted basis. The foregoing actions have been duly approved by the Company's Board of Directors pursuant to the Maryland General Corporation Law and no stockholder approval is required.
As a result of the reverse stock split, the number of outstanding shares of common stock will be reduced from approximately 54.6 million shares to approximately 5.5 million shares. The Company will not issue fractional shares. Instead, any fractional shares resulting from the reverse stock split will be rounded down to the nearest full share, sold in the open market and the proceeds from such sales will be distributed to the applicable stockholder in cash. In addition, the common stock will trade under a new CUSIP number. The reverse stock split will affect ...
