Ashford to terminate SEC registration, delist shares from NYSE

Ashford announced that a special committee of independent and disinterested directors has recommended, and its board has approved, a plan to terminate the registration of the company’s common stock under the federal securities laws following the completion of a proposed reverse stock split transaction immediately followed by a forward stock split transaction and to delist its shares of common stock from trading on the NYSE American. It is expected that this plan would be initiated in the summer of 2024, subject to Ashford’s stockholders approving the proposed transaction at a special meeting of stockholders to be held for that purpose. Ashford is taking these steps to avoid the substantial cost and expense of being a public reporting company and to focus the company’s resources on enhancing long-term stockholder value. The company anticipates savings exceeding $2,500,000 on an annual basis as a result of the proposed transaction.