SITE Centers Announces Reverse Stock Split

Rhea-AI Summary

SITE Centers Corp. (NYSE: SITC) has announced a one-for-four reverse stock split of its common shares, approved by the Board of Directors and authorized by shareholders. The split will take effect on August 19, 2024, with every four issued common shares exchanged for one. Shareholders will receive cash in lieu of fractional shares. The company will distribute instructions to holders of certificated shares, while book-entry accounts will be updated automatically. Computershare Trust Company, N.A. will serve as the exchange agent for the reverse stock split.

Positive

• Board of Directors unanimously approved the reverse stock split
• Shareholders authorized the reverse stock split at the annual meeting

Negative

• Potential reduction in overall share liquidity due to fewer outstanding shares
• Possible short-term stock price volatility following the split

BEACHWOOD, Ohio--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240715002177/en/

Conor Fennerty, EVP and Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

When will SITE Centers Corp. (SITC) implement its reverse stock split?

SITE Centers Corp. (SITC) 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.

What is the ratio of SITE Centers Corp.'s (SITC) reverse stock split?

SITE Centers Corp. (SITC) has approved a one-for-four reverse stock split, meaning every four issued common shares will be exchanged for one common share.

How will SITE Centers Corp. (SITC) handle fractional shares in the reverse split?

SITE Centers Corp. (SITC) shareholders will not receive fractional shares in connection with the reverse stock split but will receive cash in lieu of fractional shares.

Who is the exchange agent for SITE Centers Corp.'s (SITC) reverse stock split?

Computershare Trust Company, N.A. will serve as the exchange agent for SITE Centers Corp.'s (SITC) reverse stock split.