NEW YORK, NY -- (Marketwired) -- 08/31/15 -- Resource Capital Corp. (NYSE: RSO) (the "Company") announced today the effectiveness of its previously disclosed one-for-four reverse stock split of the Company's common stock.
The reverse stock split was effective as of 5:00 PM Eastern time on August 31, 2015 (the "Effective Date"). Beginning with the opening of trading on September 1, 2015, the Company's common stock will trade on the NYSE on a reverse split-adjusted basis under the same symbol "RSO" with a new CUSIP of 76120W708.
As a result of the reverse stock split, the number of outstanding shares of Company common stock was reduced from approximately 132,000,000 shares to approximately 33,000,000 shares, and the number of shares of common stock that the Company has authority to issue was reduced from 500,000,000 shares to 125,000,000 shares. The par value of the Company's common stock remained at $0.001 per share after the reverse stock split. The reverse stock split did not affect any stockholder's ownership percentage of the Company's common stock (except for de minimus changes as a result of the elimination of fractional shares).
No fractional shares were issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares will receive, in lieu of such fractional shares, cash in an amount based on the closing price of the Company's common stock on the Effective Date. Stockholders of record as of the Effective Date will receive information from American Stock Transfer & Trust Company, the Company's transfer agent and the exchange agent for the reverse stock split, regarding their stock ownership following the reverse stock split and cash payments in lieu of fractional shares, if applicable. Stockholders who hold their shares in brokerage accounts or in "street name" are not required to take any action in connection with the reverse stock split.
RSO is a real estate investment trust that is primarily focused on originating, holding and managing commercial mortgage loans and other commercial real estate-related debt and equity investments. The Company is also active in commercial finance, including through Northport Capital, its middle market lending platform. The Company is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ: REXI), an asset management company that specializes in real estate and credit investments.
For more information, please visit the Company's website at www.resourcecapitalcorp.com or contact investor relations at pkamdar@resourceamerica.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "trend", "will," "continue," "expect," "intend," "anticipate," "estimate," "believe," "look forward" or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Factors that can affect future results are discussed in the documents filed by Resource Capital Corp. from time to time with the Securities and Exchange Commission. Resource Capital Corp. undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
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