Condor Hospitality Announces Special Liquidation Dividend Distribution on Common Shares and Plans to Exit from NYSE U.S. Stock Exchange
NORFOLK, Neb .– (COMMERCIAL THREAD) – Condor Hospitality Trust, Inc. (US NYSE: CDOR) (the “Society“), incorporated in the State of Maryland, today announced that its board of directors has approved a special liquidating dividend distribution of $ 7.94 per share of the common shares of the Company (the”Ordinary actions“), to its registered shareholders at the close of business on December 27, 2021. The special dividend liquidation distribution will be paid on December 30, 2021. This special dividend liquidation distribution is carried out in accordance with the voluntary plan of the Liquidation Company beforehand. approved by its shareholders, by which the Company is engaged in its liquidation process.At the end of the liquidation and dissolution process, if any funds remain, these funds will be distributed to the shareholders.
The Company also announced that it has notified NYSE American of its intention to delist its common stock from the NYSE American stock exchange. The Company plans to file a Form 25 (Notice of Delisting) with the Securities and Exchange Commission (the ââSECOND“) and NYSE American regarding the delisting of common shares on or about December 20, 2021 and that its common shares will be suspended from trading on the NYSE American on or about December 31, 2021. The Company does not expect that A market will develop for its common stock following the suspension of trading on NYSE American.The Company expects the formal delisting of its common stock to be effective on or around December 31, 2021.
About Condor Hospitality Trust, Inc.
The Company is a self-managed real estate investment trust that previously specialized in the investment and ownership of upscale and premium, premium brand, selected service, extended stay and limited service hotels in Top 100 metropolitan statistical regions (“MSAâ) With particular emphasis on the first 20 to 60 MSA. Prior to the sale of the Company’s portfolio on November 19, 2021, the Company owned 15 hotels in 8 states. The company’s hotels were franchised by a number of the industry’s most successful brand families, including Hilton, Marriott and InterContinental Hotels.
Caution regarding forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections regarding the Company’s industry and markets, operate and believe and the assumptions made by the management of the Company, involve uncertainties that could significantly affect the financial or operating results of the Company. Words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “seek”, “estimate”, “will”, “should”, “could” , “” Estimates “or variations of such words and other similar expressions are intended to identify such forward-looking statements, which are generally not historical in nature, but not all forward-looking statements include such identifying words. . All statements that deal with events or developments that we expect or anticipate will occur in the future, including statements relating to this announcement, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe that the expectations reflected in forward-looking statements are based on reasonable assumptions, we cannot guarantee that our expectations will be achieved and, therefore, actual results and results may differ materially from what is expressed or expected in these forward-looking statements. statements. For example, these forward-looking statements could be affected by factors including, but not limited to, risks associated with (i) national, international, regional and local economic climates; (ii) potential liability for failure to meet regulatory requirements; (iii) any changes in tax legislation; (iv) the potential impact of this announcement on the Liquidation Plan; (v) the unfavorable outcome of any legal proceedings which may be brought against the Company; (vi) impacts related to COVID-19 or other pandemics or catastrophic events; and (vii) additional risks and factors discussed in reports filed with the SEC by the Company from time to time, including those discussed under âRisk Factorsâ in its reports filed on Forms 10-K and 10 -Q. Except to the extent required by applicable law or regulation, the Company disclaims any obligation to update any forward-looking statements contained in this communication or to update any of the aforementioned factors.