Armour Residential REIT announces 1for-5 reverse stock split, stable dividend

ARMOUR Residential REIT announced that its Board of Directors has approved a reverse stock split of ARMOUR’s outstanding shares of common stock at a ratio of one-for-five and the September 2023 dividend for the Company’s Common Stock. The Company today also announced guidance on common stock dividends for the fourth quarter of 2023. The reverse stock split is scheduled to take effect at about 5:00 p.m. Eastern Time on September 29. The par value of each share of common stock will remain unchanged. Trading in ARMOUR’s common stock on a split adjusted basis is expected to begin at the market open on October 2, 2023. ARMOUR’s common stock will continue trading on the NYSE under the symbol “ARR” but will be assigned a new CUSIP number. The Company believes that existing stockholders will benefit from the ability to attract a broader range of investors as a result of the reverse stock split and a higher per share stock price. As a result of the reverse stock split, the number of outstanding shares of ARMOUR’s common stock as of August 29 will be reduced from approximately 237,356,720 to approximately 47,471,344. As discussed further below, the monthly common dividend rate is expected to remain stable at an adjusted rate of 40c per share. Concurrently, the authorized number of shares of common stock will be reduced from 450,000,000 to 90,000,000. The number of shares of ARMOUR’s Series C Preferred Stock outstanding, their preference amount and dividend rate are not affected by this reverse stock split.