ASHFORD INC. ANNOUNCES RESULTS OF SPECIAL MEETING OF STOCKHOLDERS
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.
Ashford Inc. (NYSE American: AINC) ha annunciato che gli azionisti hanno approvato un frazionamento inverso delle azioni di 1 ogni 10.000, seguito da un frazionamento delle azioni di 10.000 per 1 durante una Riunione Straordinaria il 22 luglio 2024. L'azienda terminerà la registrazione delle sue azioni ordinarie e si ritirerà dalla NYSE American. Gli azionisti con meno di 10.000 azioni riceveranno $5,00 per azione in contanti, mentre coloro che detengono 10.000 azioni o più manterranno le loro partecipazioni. L'ultimo giorno di negoziazione sulla NYSE American sarà il 26 luglio 2024, con i frazionamenti effettivi dal 29 luglio 2024.
Ashford mira a risparmiare circa $2.500.000 all'anno andando privata, evitando i costi di reportistica pubblica e concentrandosi sulla crescita e sul valore a lungo termine per gli azionisti. I pagamenti in contanti agli azionisti idonei sono previsti intorno al 7 agosto 2024.
Ashford Inc. (NYSE American: AINC) anunció que los accionistas aprobaron un desdoblamiento de acciones inverso de 1 por 10,000, seguido de un desdoblamiento de acciones de 10,000 por 1 en una Reunión Especial el 22 de julio de 2024. La empresa terminará el registro de sus acciones comunes y se retirará de NYSE American. Los accionistas con menos de 10,000 acciones recibirán $5.00 por acción en efectivo, mientras que aquellos con 10,000 acciones o más mantendrán sus participaciones. El último día de cotización en NYSE American será el 26 de julio de 2024, con los desdoblamientos efectivos el 29 de julio de 2024.
Ashford tiene como objetivo ahorrar aproximadamente $2,500,000 anualmente al volverse privada, evitando los costos de informes públicos y enfocándose en el crecimiento y el valor a largo plazo para los accionistas. Se espera que los pagos en efectivo a los accionistas elegibles se realicen alrededor del 7 de agosto de 2024.
Ashford Inc. (NYSE American: AINC)는 주주들이 1 대 10,000의 역분할을 승인하고, 10,000 대 1의 정방향 분할을 허가했다고 전했습니다. 이 특별 회의는 2024년 7월 22일에 개최되었습니다. 이 회사는 자사 보통주 등록을 종료할 것이며 NYSE American에서 제명될 것입니다. 10,000주 미만을 보유한 주주들은 주당 $5.00의 현금을 받게 되며, 10,000주 이상을 보유한 주주들은 그들의 지분을 유지합니다. NYSE American에서의 마지막 거래일은 2024년 7월 26일이며, 분할은 2024년 7월 29일에 적용됩니다.
Ashford는 연간 약 $2,500,000를 절감할 계획입니다 비상장으로 전환하여 공시 비용을 피하고 성장과 장기 주주 가치를 중점적으로 추진할 것입니다. 자격이 있는 주주에게는 2024년 8월 7일경에 현금 지급이 예상됩니다.
Ashford Inc. (NYSE American: AINC) a annoncé que les actionnaires ont approuvé une division d'actions inversée de 1 pour 10 000, suivie d'une division d'actions de 10 000 pour 1 lors d'une Assemblée Générale Extraordinaire le 22 juillet 2024. L'entreprise mettra fin à l'enregistrement de ses actions ordinaires et se retirera de la NYSE American. Les actionnaires détenant moins de 10 000 actions recevront 5,00 $ par action en espèces, tandis que ceux détenant 10 000 actions ou plus conserveront leurs participations. Le dernier jour de négociation sur la NYSE American sera le 26 juillet 2024, avec les divisions entrant en vigueur le 29 juillet 2024.
Ashford vise à économiser environ 2 500 000 $ par an en devenant privée, évitant ainsi les coûts de reporting public et se concentrant sur la croissance et la valeur à long terme pour les actionnaires. Les paiements en espèces aux actionnaires éligibles sont attendus autour du 7 août 2024.
Ashford Inc. (NYSE American: AINC) hat angekündigt, dass die Aktionäre eine Rücksplitterung von 1 zu 10.000 sowie eine Vorwärts-Splitterung von 10.000 zu 1 auf einer außerordentlichen Hauptversammlung am 22. Juli 2024 genehmigt haben. Das Unternehmen wird die Registrierung seiner Stammaktien einstellen und wird von der NYSE American delistet. Aktionäre mit weniger als 10.000 Aktien erhalten 5,00 $ pro Aktie in bar, während diejenigen mit 10.000 oder mehr Aktien ihre Anteile behalten. Der letzte Handelstag an der NYSE American ist der 26. Juli 2024, mit den Splits, die am 29. Juli 2024 wirksam werden.
Ashford strebt an, jährlich etwa 2.500.000 $ zu sparen, indem es privat wird, um öffentliche Berichtskosten zu vermeiden und sich auf Wachstum und langfristigen Aktionärswert zu konzentrieren. Die Barauszahlungen an berechtigte Aktionäre werden voraussichtlich rund um den 7. August 2024 erfolgen.
- Expected annual savings of $2,500,000 from deregistration and delisting
- Focus on continued growth and enhancing long-term stockholder value
- Termination of public stock registration and delisting from NYSE American
- Loss of public trading liquidity for shareholders
- Forced cash-out of shareholders with fewer than 10,000 shares at $5.00 per share
The decision to deregister and delist Ashford Inc.'s common stock from the NYSE American is a significant move. Delisting can save the company approximately
By performing a 1-for-10,000 reverse stock split followed by a 10,000-for-1 forward stock split, the company effectively forces out smaller shareholders, liquidating their holdings at
The approval to waive the prohibition on Rule 13e-3 transactions is a critical legal maneuver. Rule 13e-3 governs transactions that can result in significant changes in shareholder interests, such as going private. By obtaining this waiver, Ashford Inc. ensures compliance while streamlining their process to go private and deregister from the SEC. This move, while legally sound and potentially beneficial in reducing regulatory burdens, highlights a strategic shift away from public ownership scrutiny.
For shareholders, particularly those holding fewer than 10,000 shares, this means an enforced exit from their investment at a predetermined price. It's essential for these investors to review whether the
The strategic rationale behind Ashford Inc.'s decision to delist appears to be driven by cost savings and a focus on internal growth. Cutting public company reporting costs by
From a market perspective, delisting often signals a company's preference for operational restructuring away from public market pressures. Retail investors should be cautious, as the reduced transparency and liquidity post-delistment make it harder to track company performance and make informed decisions. The reverse and forward stock split mechanism also suggests a necessity to streamline the investor base and simplify equity management, which could be interpreted as a way to fend off potential shareholder activism or simplify future buyouts.
COMPANY TO TERMINATE REGISTRATION OF ITS COMMON STOCK
The last day of trading on the NYSE American of the Company's common stock will be July 26, 2024. The reverse and forward stock splits will be effected on July 29, 2024 at 5:01 p.m. Eastern Time and 5:02 p.m. Eastern Time, respectively.
As a result of the reverse stock split, each share of the Company's common stock held by a stockholder of record owning fewer than 10,000 shares of the Company's common stock in any one account immediately prior to the effective time of the reverse stock split will be converted into the right to receive
Stockholders owning 10,000 or more shares of the Company's common stock in any one account immediately prior to the effective time of the reverse stock split will not be entitled to receive any cash for their fractional share interests resulting from the reverse stock split, if any, and will instead remain stockholders in the Company holding, as a result of the forward stock split, the same number of shares of common stock as such stockholders held immediately before the effective time of the reverse stock split.
The Company has requested that the NYSE American LLC ("NYSE American") suspend trading of Ashford common stock on the NYSE American and file with the Securities and Exchange Commission ("SEC") a Form 25 to request the removal of the common stock from listing on NYSE American and to deregister the common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended.
As previously announced, the Company is undertaking the deregistration and delisting transaction to avoid the substantial cost and expense of being a public reporting company and to allow the Company to focus on continued growth and enhancing long-term stockholder value. The Company anticipates savings of approximately
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.
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 Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Inc.'s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to maintain compliance with NYSE American LLC continued listing standards; our ability to consummate the transaction on the terms described herein, if at all; Form S-3 eligibility; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in the Company's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. 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. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. 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 Inc.
FAQ
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