Granite Point Mortgage Trust plans 1-for-10 reverse stock split effective Oct. 5
GPMT•Reverse stock split details
Granite Point Mortgage Trust set a 1-for-10 reverse stock split, effective Oct. 5 at 5 p.m. ET.
Common shares outstanding are expected to drop to about 4,800,000 from about 48,200,000.
NYSE trading will continue under GPMT from Oct. 6, with new CUSIP 38741L404.
Cash will be paid in lieu of fractional shares, based on the Oct. 5 NYSE closing price.
Dividend and preferred stock unaffected
The reverse split does not change the Oct. 15 dividend of USD 0.01 per pre-split share or the 7.00% Series A preferred.
