AG Mortgage Investment Trust, Inc. Completes Reverse Stock Split
July 22 2021 - 5:15PM
Business Wire
AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”)
announced today that its previously announced 1-for-3 reverse stock
split of common stock was completed following the close of business
today. The Company’s common stock will continue to trade on the New
York Stock Exchange under the symbol "MITT" and, starting on July
23, 2021, under a new CUSIP number: 001228 501.
After the close of business on July 22, 2021, the effective time
of the reverse stock split, every three issued and outstanding
shares of the Company’s common stock were converted into one share
of the Company’s common stock. As a result of the reverse stock
split, the number of outstanding shares of the Company’s common
stock was reduced from 48,510,978 to approximately 16,164,007.
No fractional shares were issued in connection with the reverse
stock split. Instead, cash will be paid in lieu of any fractional
share that would have otherwise resulted from the reverse stock
split. The reverse stock split applied to all of the Company's
outstanding shares of common stock and therefore did not affect any
stockholder’s relative ownership percentage, except for minor
changes resulting from the payment of cash for fractional shares.
Stockholders of record will receive information from American Stock
Transfer & Trust Company, LLC, the Company's transfer agent,
regarding their stock ownership following the reverse stock split
and cash in lieu of fractional share payments, if applicable.
Stockholders were not required to take any action to effectuate the
exchange of their shares.
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a hybrid mortgage REIT
that opportunistically invests in a diversified risk-adjusted
portfolio of Credit Investments and Agency RMBS. The Company’s
Credit Investments include Residential Investments and Commercial
Investments. AG Mortgage Investment Trust, Inc. is externally
managed and advised by AG REIT Management, LLC, a subsidiary of
Angelo, Gordon & Co., L.P., a leading privately-held
alternative investment firm focusing on credit and real estate
strategies.
Additional information can be found on the Company’s website at
www.agmit.com.
About Angelo Gordon
Angelo, Gordon & Co., L.P. is a privately held limited
partnership founded in November 1988. The firm currently manages
approximately $44 billion with a primary focus on credit and real
estate strategies. Angelo Gordon has over 570 employees, including
more than 210 investment professionals, and is headquartered in New
York, with associated offices elsewhere in the U.S., Europe and
Asia. For more information, visit www.angelogordon.com.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases which are predictions
of or indicate future events or trends and which do not relate
solely to historical matters. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Factors that may cause such a
difference, include, without limitation, whether the Company will
realize any of the anticipated benefits of the reverse stock split
and other risks and uncertainties, including those detailed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020 and its other reports filed from time to time with the
U.S. Securities and Exchange Commission. All forward-looking
statements reflect the Company’s good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. The Company cautions investors not to unduly rely on
any forward-looking statements.
The forward-looking statements speak only as of the date of this
press release. The Company is under no duty to update any of these
forward-looking statements after the date of this press release,
nor to conform prior statements to actual results or revised
expectations, and the Company does not intend to do so.
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AG Mortgage Investment Trust, Inc. Investor Relations
(212) 692-2110 ir@agmit.com
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