ASHFORD INC. ANNOUNCES EFFECTUATION OF REVERSE STOCK SPLIT AND FORWARD STOCK SPLIT

Rhea-AI Summary

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.

Positive

• None.

Negative

• Delisting from NYSE American stock exchange
• Ceasing to be a public reporting company
• Potential reduction in liquidity for shareholders

DALLAS, July 31, 2024 /PRNewswire/ -- Ashford Inc. (NYSE American: AINC) ("Ashford" or the "Company"), today announced that in connection with its previously announced plan to withdraw and delist its common stock from trading on the NYSE American LLC stock exchange (the "NYSE American") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company effected a 1-for-10,000 reverse stock split of the Company's common stock (the "Reverse Stock Split") followed immediately by a 10,000-for-1 forward stock split of the Company's common stock (the "Forward Stock Split," together with the Reverse Stock Split, the "Transaction"), on July 29, 2024 at 5:01 p.m. Eastern Time and 5:02 p.m. Eastern Time, respectively. Following the Transaction, there were 2,066,860 shares outstanding.

The NYSE American has filed with the Securities and Exchange Commission (the "SEC") a Form 25 to effectuate the removal of the Company's common stock from listing on the NYSE American and to deregister the common stock under Section 12(b) of the Exchange Act. As a result, Ashford common stock will no longer be listed on the NYSE American. The Company intends to terminate the registration of common stock under the Exchange Act and cease reporting as a public company.

For more information regarding the Company's deregistration and delisting transaction, please refer to the definitive proxy statement on Schedule 14A filed with the SEC on June 21, 2024.

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SOURCE Ashford Inc.

FAQ

What stock splits did Ashford Inc. (AINC) implement on July 29, 2024?

Ashford Inc. (AINC) implemented a 1-for-10,000 reverse stock split followed immediately by a 10,000-for-1 forward stock split on July 29, 2024.

Why is Ashford Inc. (AINC) delisting from the NYSE American?

Ashford Inc. (AINC) is delisting from the NYSE American as part of its plan to withdraw its common stock from trading and deregister under the Securities Exchange Act of 1934.

How many shares of Ashford Inc. (AINC) were outstanding after the stock splits?

After the reverse and forward stock splits, Ashford Inc. (AINC) had 2,066,860 shares outstanding.

What are the implications of Ashford Inc. (AINC) ceasing to be a public company?

By ceasing to be a public company, Ashford Inc. (AINC) will no longer be required to file regular reports with the SEC, potentially reducing transparency for investors and affecting stock liquidity.