The company expects its stock price and total market capitalization to drop significantly following the payout, making a voluntary exit from the exchange necessary before involuntary delisting triggers apply. Shareholders of record by October 27 will receive the payment on November 5. Until that date, shares will trade with associated "due bills" that preserve the right to the distribution.
In section Market Quotes
SITE Centers to Delist Following $3 Special Dividend
Investors pushed SITE Centers shares up 18% in after-hours trading Thursday, responding to the company’s announcement of a $3.00 special distribution and a planned exit from the New York Stock Exchange. The move signals a major shift for the firm, which has seen its market value slide by more than half this year.
Alongside the payout, SITE Centers confirmed the sale of its stake in the Dividend Trust Portfolio joint venture. The transaction generated approximately $32.4 million in net proceeds, though the company declined to name the buyer. The final day for trading on the NYSE is set for December 4.
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