2023-03-30 17:07:32 ET
- iStar ( NYSE: STAR ) said Thursday it is undertaking a reverse stock split where each share of its common stock outstanding will be consolidated into 0.160 shares.
- The reverse split of iStar common stock will occur immediately prior to the effective time of the merger of iStar and Safehold.
- iStar stockholders will receive cash in lieu of any fractional shares resulting from the reverse stock split.
- Immediately thereafter, Safe will merge with and into iStar, with iStar as the surviving corporation and operating under the name Safehold Inc.
- Each outstanding share of Safe common stock will be converted into one share of common stock of New Safehold.
- The consolidated shares of iStar common stock will remain outstanding as common stock of New Safehold.
- Press Release .
For further details see:
iStar launches reverse stock split before merging with Safehold