Spirit Realty Capital, Inc. completes its reverse stock split.
DALLAS: Spirit Realty Capital, Inc. completed its previously announced one-for-five reverse stock split of its outstanding shares of common stock.
Spirit Realty Capital is a net-lease real estate investment trust (REIT) that invests in single-tenant, operationally essential real estate. Pursuant to the reverse split, every five (5) issued and outstanding shares of common stock of the Company were converted into one (1) share of common stock of the Company, and the par value of each share of common stock was increased from $0.01 to $0.05 per share. Accordingly, the previously announced quarterly dividend of $0.125 per common share for stockholders of record as of December 31, 2018 will now be $0.625 per common share, reflecting the 1-for-5 reverse stock split. The shares will begin trading on a reverse split-adjusted basis on the NYSE at the opening of trading on December 13, 2018 under the same ticker "SRC" and with a new CUSIP number (84860W 300).
The Reverse Stock Split affected all record holders of the Company's common stock uniformly and did not affect any record holder's percentage ownership interest in the Company, except for de minimus changes as a result of the elimination of fractional shares. The Reverse Stock Split reduced the number of shares of common stock outstanding from approximately 428,941,318 shares to approximately 85,788,263 shares. The Reverse Stock Split did not affect the number of the Company's authorized shares of common stock.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Dec 18, 2018|
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