Benzinga | Jul 16, 2021 04:32PM EDT

Ashford Hospitality Trust Says Completes Reverse Stock Split; Says 1-For-10 Split Is Effective As Of Market Close Today, Friday July 16

Ashford Hospitality Trust, Inc. (NYSE:AHT) ("Ashford Trust" or the "Company") announced today that it completed a reverse split of the Company's common stock at a ratio of 1-for-10.

After the close of business on July 16, 2021, the effective date of the reverse stock split, each share of the Company's issued and outstanding common stock and equivalents was converted into 1/10th of a share of the Company's common stock. As a result of the reverse split, the number of outstanding shares of common stock was reduced from approximately 265.1 million shares to approximately 26.5 million shares. The reverse stock split will affect all stockholders proportionally and will not affect any stockholder's ownership percentage of shares of the Company's common stock, except for minor changes resulting from the payment of cash for fractional shares.

As of market open on July 19, 2021, the Company's common stock will commence trading on a split-adjusted basis on the New York Stock Exchange (the "NYSE"). The common stock will continue to trade on the NYSE under the symbol "AHT" but will trade under a new CUSIP number. By implementing a reverse stock split, the Company and its Board of Directors believes it can realize increased incremental demand for both its common stock and its options while also making the Company's shares more attractive to a broader range of potential long-term institutional investors, individual investors, and buy-side analysts.

Ashford Trust's stockholders should contact their broker or Ashford Trust's transfer agent, Computershare, at (800) 546-5141, for any necessary assistance relating to the reverse stock split.

On July 16, 2021, the Company also completed a reverse split of the partnership units of Ashford Hospitality Limited Partnership, the Company's operating partnership ("Ashford Trust OP"), at a ratio of 1-for-10. As a result of such reverse split, the number of outstanding partnership units of Ashford Trust OP was reduced from approximately 4.0 million units to approximately 402,222 units.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Follow CEO Rob Hays on Twitter at https://twitter.com/aht_rob or @aht_rob.