Service Properties Trust Announces Five-for-One Reverse Split of SVC
Service Properties Trust announced that its previously disclosed five-for-one reverse split of SVC's issued and outstanding common shares is anticipated to become effective after the close of trading on July 6. As of the effective time of the reverse split, each five shares of SVC's issued and outstanding common shares will be combined into one common share. As a result of the reverse split, the number of outstanding common shares will be reduced from approximately 647.7M shares to approximately 129.5M shares. SVC's common shares are expected to begin trading on a reverse split-adjusted basis on the Nasdaq Stock Market at market open under the existing ticker symbol, "SVC", but with a new CUSIP number of 81761L 201, on July 7. SVC's regular quarterly cash distribution on its common shares is expected to remain at a rate of $0.05 per share, which is unchanged from previous distribution levels after giving effect to the pending five-for-one reverse share split.
