American Finance Trust recently announced planned stock listing for July 2018

American Finance Trust, Inc. (AFIN) has announced the Company’s planned July 2018 listing of its common stock on the NASDAQ under the ticker symbol AFIN.

On June 29, 2018, American Finance Trust, Inc.  announced that its board of directors has approved a plan to list the Company’s common stock on the Nasdaq Global Select Market under the symbol “AFIN.” The Company anticipates the first date that the shares to be listed will be eligible to trade on the Nasdaq to be on or about July 19, 2018 although the listing date may change. BMO Capital Markets Corp., which was previously engaged to, among other things, provide advice to the Company related to positioning the Company in the public markets, advised the Company and the Company’s board on the decision to list.

To effect the listing, and to address the potential for selling pressure that may exist at the outset of listing, the Company’s board approved a sequence of corporate actions that will be effected prior to the listing date that will result in 50% of the shares of common stock being listed initially, 25% of the shares being listed within 90 days of the listing date and 25% of the shares being listed within 180 days of the listing date. As a result, all of the shares of common stock will be fully listed within 180 days of the listing date.

In connection with the listing, the Company’s board also decided to change the rate at which the Company pays distributions on its common stock from an annualized rate equal to $1.30 per share to an annualized rate equal to $1.10 per share, effective as of July 1, 2018.

The Company will also transition to declaring distributions based on monthly rather than daily, record rates. These changes will not impact the distributions authorized for the month of June 2018, which the Company expects to pay on or before July 2, 2018 but will impact all subsequent distributions.

Listing Presentation and other information can be found at American Finance Trust’s website.



Related Posts