SITE Centers Announces Reverse Stock Split
July 15 2024 - 5:55AM
Business Wire
SITE Centers Corp. (NYSE: SITC) (the “Company”) today announced
that its Board of Directors has unanimously approved a one-for-four
reverse stock split of the Company’s common shares. The reverse
stock split was authorized by the Company’s shareholders at the
annual meeting of shareholders held on May 8, 2024. As a result of
the reverse stock split, every four of the Company’s issued common
shares will be exchanged for one of the Company’s common shares.
The Company’s shareholders will not receive fractional shares in
connection with the reverse stock split but will receive cash in
lieu of fractional shares. The Company currently anticipates that
its common shares will begin trading on a split-adjusted basis on
the New York Stock Exchange at the opening of trading on August 19,
2024.
The Company will distribute a letter of transmittal to the
holders of record of the Company’s common shares who hold shares in
certificated form. The letter of transmittal will provide
instructions and other information with respect to the reverse
stock split, including procedures for exchanging stock
certificates. The accounts of holders of record who hold their
shares solely in book-entry form will be updated automatically, so
such holders do not need to take any actions in connection with the
reverse stock split. Holders of common shares who hold their shares
in “street name” through a bank, broker or other nominee should
contact their nominee for further information on the reverse stock
split.
The Company’s transfer agent, Computershare Trust Company, N.A.,
will serve as the exchange agent for the reverse stock split.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping
centers located in suburban, high household income communities. The
Company is a self-administered and self-managed REIT operating as a
fully integrated real estate company, and is publicly traded on the
New York Stock Exchange under the ticker symbol SITC. Additional
information about the Company is available at www.sitecenters.com.
To be included in the Company’s e-mail distributions for press
releases and other investor news, please click here.
Safe Harbor
The Company considers portions of the information in this press
release, including statements with respect to the implementation
and effectiveness of the reverse stock split, to be forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
both as amended. For this purpose, any statements contained herein
that are not historical fact may be deemed to be forward-looking
statements. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its
expectations will be achieved. There are a number of important
factors that could cause our results to differ materially from
those indicated by such forward-looking statements, including,
among other factors, general economic conditions, including
inflation and interest rate volatility; the loss of, significant
downsizing of or bankruptcy of a major tenant and the impact of any
such event on rental income from other tenants at our properties;
and business and economic consequences (including the potential
loss of rental revenues) resulting from extreme weather conditions,
natural disasters or public health crises in locations where we own
properties. For additional factors that could cause the results of
the Company to differ materially from those indicated in the
forward-looking statements, please refer to the Company’s most
recent reports on Forms 10-K and 10-Q. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20240715002177/en/
Conor Fennerty, EVP and Chief Financial Officer
216-755-5500
SITE Centers (NYSE:SITC)
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