da-kuk
- Ashford (NYSE:AINC) on Tuesday said its board of directors approved a plan to terminate registration of its common stock, following the completion of a proposed reverse stock split transaction, and to remove its shares from trading on the NYSE American.
- THE the company expects the plan to launch in the summer of 2024.
- Ashford said it is taking these steps to avoid the substantial costs and expenses of being a public reporting company and expected savings in excess of $2.5 million on an annualized basis as a result of this transaction.
- The proposed stock split is a 1-for-10,000 stock split, in which holders of fewer than 10,000 shares of the Company’s common stock in any account immediately prior to the stock split would be cashed out $5.00 for each pre-reverse stock split. share.
- That price represents a 125.2% premium to the closing price of the common stock on April 1, Ashford said.
- ANC +62.16% premarket at $3.6
- Source: press release