Ashford Hospitality Trust announced that its Board of Directors unanimously approved a reverse split of the company's common stock at a ratio of 1-for-10. This action is intended to raise the per share trading price of the common stock to regain compliance with the minimum $1.00 continued listing requirement for the New York Stock Exchange (NYSE).
The reverse stock split is scheduled to become effective as of the close of business on October 25, 2024, with the common stock anticipated to commence trading on the NYSE on a split-adjusted basis on October 28, 2024.
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 also intends to effect a 1-for-10 reverse split of the partnership units of Ashford Hospitality Limited Partnership.
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