NEW YORK--(BUSINESS WIRE)--Sep 21, 2022--
Two Harbors Investment Corp. (NYSE: TWO), an Agency + MSR mortgage real estate investment trust, announced today that its Board of Directors has approved common and preferred stock dividends for the third quarter of 2022 as well as a 1-for-4 reverse stock split of the company’s common stock.
Third Quarter Common and Preferred Stock Dividends
Two Harbors declared a dividend of $0.17 per share of common stock for the third quarter of 2022. The third quarter dividend is payable on October 28, 2022 to common stockholders of record at the close of business on October 3, 2022.
Two Harbors also declared today the following preferred stock dividends:
The Series A, Series B and Series C preferred dividends are payable on October 27, 2022 to the applicable preferred stockholders of record at the close of business on October 12, 2022.
1-for-4 Reverse Stock Split
The reverse stock split is expected to take place on November 1, 2022 at 5:01 p.m. Eastern Time (the “Effective Time”). At the Effective Time, every four issued and outstanding shares of the company’s common stock will be converted into one share of common stock. In addition, the number of authorized shares of common stock will be reduced from 700 million to 175 million. The par value of each share of common stock will remain unchanged. At market open on November 2, 2022, the company’s common stock will continue trading on the NYSE under the symbol “TWO” but will be assigned a new CUSIP number. The company’s Board of Directors believes that increasing the market price per share of the company’s common stock through the reverse stock split may broaden the range of potential investors, thereby potentially improving the market for and liquidity of the company’s common stock.
No fractional shares will be issued in connection with the reverse stock split. Instead, each stockholder of record holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the volume weighted average price of the company’s common stock on the NYSE on November 1, 2022. The reverse stock split will apply to all of the company’s authorized and outstanding shares of common stock as of the Effective Time. Stockholders of record will be receiving information from Equiniti Trust Company, 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 who hold their shares in brokerage accounts are not required to take any action in connection with the reverse stock split.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including the one-for-four reverse stock split of Two Harbors common stock. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results.
Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Two Harbors does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Two Harbors’ most recent filings with the Securities and Exchange Commission. All subsequent written and oral forward looking statements concerning Two Harbors or matters attributable to Two Harbors or any person.
Two Harbors Investment Corp.
Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets. Two Harbors is headquartered in St. Louis Park, MN.
Additional Information
Stockholders of Two Harbors and other interested persons may find additional information regarding the company at www.twoharborsinvestment.com, at the Securities and Exchange Commission’s Internet site at www.sec.gov or by directing requests to: Two Harbors Investment Corp., 1601 Utica Ave S., Suite 900, St. Louis Park, MN, 55416, telephone 612-453-4100.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220921005949/en/
Paulina Sims, Senior Director, Investor Relations, Two Harbors Investment Corp., 612-446-5431,Paulina.Sims@twoharborsinvestment.com
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES REIT
SOURCE: Two Harbors Investment Corp.
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PUB: 09/21/2022 04:15 PM/DISC: 09/21/2022 04:17 PM
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