FVE Five Star R/S 1-10. Close Sep. 30 & O/S. A/S same.
NEWTON, Mass.--(BUSINESS WIRE)-- 8am ET
Reverse stock split to be effective as of close of trading on September 30, 2019
Five Star Senior Living Inc. (FVE) today announced that its board of directors has approved a one-for-ten reverse stock split of its outstanding shares of common stock effective as of the close of trading on September 30, 2019, in order to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2).
At the effective time, each ten (10) Five Star common shares outstanding immediately prior to the effective time will be converted into one (1) issued and outstanding Five Star common share. No fractional common shares will be issued in connection with the reverse stock split. Each Five Star stockholder that would have been entitled to receive a fractional common share as a result of the reverse stock split will receive cash in lieu of such fractional common share. Five Star expects that a new CUSIP number will be issued for the common shares. The Five Star common shares will begin trading on Nasdaq on a split adjusted basis under the existing trading symbol “FVE” at the open of trading on October 1, 2019.
The par value of the Five Star common shares will remain unchanged at $ .01 per share after the reverse stock split. The reverse stock split will reduce the number of common shares issued and outstanding from approximately 50.8 million to approximately 5.1 million. The number of authorized common shares will remain the same.
Equiniti Shareholder Services, or EQ, is acting as the exchange agent for the reverse stock split. EQ will provide instructions to stockholders of record regarding the exchange of stock certificates, as applicable. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares. Shareholders with questions may contact EQ by calling 855-400-2471.
About Five Star Senior Living Inc.
Five Star Senior Living Inc. is a senior living and healthcare services company that owns, leases and manages senior living communities, including primarily private pay independent and assisted living communities located throughout the U.S. FVE is headquartered in Newton, Massachusetts.
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