Ashford Inc. (NYSE American: AINC) has announced the effectuation of its previously planned reverse stock split and forward stock split on July 29, 2024. This move is part of the company's strategy to delist from the NYSE American stock exchange and deregister its common stock under the Securities Exchange Act of 1934. The transaction involved a 1-for-10,000 reverse stock split followed immediately by a 10,000-for-1 forward stock split, resulting in 2,066,860 shares outstanding. The NYSE American has filed a Form 25 with the SEC to remove Ashford's common stock from listing and deregister it. Ashford intends to terminate its registration under the Exchange Act and cease reporting as a public company.
Ashford Inc. (NYSE American: AINC) announced that stockholders approved a 1-for-10,000 reverse stock split followed by a 10,000-for-1 forward stock split at a Special Meeting on July 22, 2024. The company will terminate registration of its common stock and delist from NYSE American. Stockholders with fewer than 10,000 shares will receive $5.00 per share in cash, while those with 10,000 or more shares will retain their holdings. The last trading day on NYSE American will be July 26, 2024, with the splits effective on July 29, 2024.
Ashford aims to save approximately $2,500,000 annually by going private, avoiding public reporting costs and focusing on growth and long-term stockholder value. Cash payments to eligible stockholders are expected around August 7, 2024.
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