Retail Value Inc. Files Certificate of Dissolution

Rhea-AI Summary

Retail Value Inc. (RVIC) has filed a certificate of dissolution in Ohio, marking the end of its operations following the sale of its last real estate investment in April 2022. The Company intends to settle outstanding claims and pursue amounts owed by third parties as it winds down.

Future cash distributions to shareholders are expected but are uncertain in both amount and timing, depending on resolved claims and expenses. RVI's strategy focuses on realizing value through asset liquidation, and it is managed by SITE Centers Corp.

Positive

• The Company has successfully liquidated its real estate assets, completing the intended business strategy.

Negative

• The filing for dissolution indicates the Company is winding up operations, which can lead to uncertainty for shareholders.
• There are no guarantees regarding the amounts or timing of future cash distributions to shareholders.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- Retail Value Inc. (“RVI” or the “Company”) today announced that it has filed a certificate of dissolution with the Secretary of State of the State of Ohio. The filing is consistent with the Company’s originally stated strategy of realizing value through operations and sales of its properties and follows the sale of the Company’s last real estate investment in April 2022. Pursuant to the certificate of dissolution, the Company intends to pursue amounts owed to it by third parties, satisfy known and presented claims and take all other actions required to liquidate and wind-up its business and affairs.

In addition to the special distribution announced on June 29, 2022, and subject to uncertainties inherent in winding up its business, the Company expects to make one or more small cash distributions to shareholders in the future as expenses and any claims against the Company are satisfied, resolved or fail to materialize. The Company is unable to provide any assurances with respect to the amounts of any such distributions or the timing thereof.

About RVI

RVI is an independent publicly traded company whose common shares trade under the ticker symbol RVIC on the OTC Pink Market. The Company has completed the sale of all of its real estate holdings and is in the process of winding up its business. RVI is managed by one or more subsidiaries of SITE Centers Corp. Additional information about RVI is available at www.retailvalueinc.com.

Safe Harbor

The Company considers information in this press release that relates to expectations for future periods 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. 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. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, including the amount of costs and expenses relating to the wind-up of the Company’s business; the Company’s ability to collect amounts owed to it by third parties; and the cost and outcome of any legal proceedings that may arise with respect to the Company. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220630005752/en/

Christa Vesy, EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What is the recent announcement by Retail Value Inc. regarding RVIC stock?

Retail Value Inc. has filed a certificate of dissolution to wind up its business following the liquidation of its real estate assets.

When did Retail Value Inc. sell its last property?

Retail Value Inc. sold its last real estate investment in April 2022.

Will Retail Value Inc. distribute cash to shareholders?

Yes, Retail Value Inc. expects to make cash distributions to shareholders in the future, though the amounts and timing are uncertain.

What does the dissolution of Retail Value Inc. mean for RVIC investors?

The dissolution indicates that the company is concluding its operations, which introduces uncertainty regarding future returns for RVIC investors.