DALLAS, Oct. 25,
2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) ("Ashford Trust" or the "Company") announced today that
it completed a reverse split of the Company's common stock at a
ratio of 1-for-10.
After the close of business on October
25, 2024, the effective date of the reverse stock split,
each share of the Company's issued and outstanding common stock and
equivalents was converted into 1/10th of a share of the Company's
common stock. As a result of the reverse split, the number of
outstanding shares of common stock was reduced from approximately
55.2 million shares to approximately 5.5 million shares. The
reverse stock split will affect all stockholders proportionally and
will not affect any stockholder's ownership percentage of shares of
the Company's common stock, except for minor changes resulting from
the payment of cash for fractional shares.
As of market open on October 28,
2024, the Company's common stock will commence trading on a
split-adjusted basis on the New York Stock Exchange (the "NYSE").
The common stock will continue to trade on the NYSE under the
symbol "AHT" but will trade under a new CUSIP number.
Ashford Trust's stockholders should contact their broker or
Ashford Trust's transfer agent, Computershare, at (800) 546-5141,
for any necessary assistance relating to the reverse stock
split.
On October 25, 2024, the Company
also completed a reverse split of the partnership units of Ashford
Hospitality Limited Partnership, the Company's operating
partnership ("Ashford Trust OP"), at a ratio of 1-for-10. As a
result of such reverse split, the number of outstanding partnership
units of Ashford Trust OP was reduced from approximately 2.1
million units to approximately 200,000 units.
Ashford Trust is a real estate investment trust (REIT) focused
on investing predominantly in upper upscale, full-service
hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the federal
securities regulations. Forward-looking statements are generally
identifiable by use of forward-looking terminology such as "may,"
"will," "should," "potential," "intend," "expect," "anticipate,"
"estimate," "approximately," "believe," "could," "project,"
"predict," or other similar words or expressions. Additionally,
statements regarding the following subjects are forward-looking by
their nature: our business and investment strategy; anticipated or
expected purchases, sales or dispositions of assets; our projected
operating results; completion of any pending transactions; our plan
to pay off strategic financing; our ability to restructure existing
property-level indebtedness; our ability to secure additional
financing to enable us to operate our business; our understanding
of our competition; projected capital expenditures; the impact of
technology on our operations and business; the risk that the notice
and noncompliance with NYSE continued listing standards may impact
the Company's results of operations, business operations and
reputation and the trading prices and volatility of the Company's
common stock; and the Company's ability to regain compliance with
the NYSE continued listing standards. Such forward-looking
statements are based on our beliefs, assumptions, and expectations
of our future performance taking into account all information
currently known to us. These beliefs, assumptions, and expectations
can change as a result of many potential events or factors, not all
of which are known to us. If a change occurs, our business,
financial condition, liquidity, results of operations, plans, and
other objectives may vary materially from those expressed in our
forward-looking statements. You should carefully consider this risk
when you make an investment decision concerning our securities.
These and other risk factors are more fully discussed in the
Company's filings with the SEC.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or circumstances, changes in expectations or
otherwise except to the extent required by law.
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SOURCE Ashford Hospitality Trust, Inc.