WESTBURY, N.Y., Feb. 4, 2021 /PRNewswire/ -- Exantas Capital
Corp. (NYSE: XAN) (the "Company"), a real estate investment trust
that is focused on originating, holding and managing commercial
real estate mortgage loans and other commercial real estate-related
debt investments, announced today that effective February 16, 2021, the Company will change its
name to "ACRES Commercial Realty Corp." Additionally, the Board of
Directors approved a 3-for-1 reverse split of the Company's common
stock.
Name Change
The Company's common stock and 8.625% Fixed-to-Floating Series C
Cumulative Redeemable Preferred Stock ("preferred stock") will
continue to be listed on the New York Stock Exchange, and the
Company anticipates that on February 17,
2021, its common stock will begin trading under the symbol
"ACR" and its preferred stock will begin trading under the symbol
"ACR PrC." The new CUSIP number for the Company's common stock
following the name change will be 00489Q102, and the new CUSIP
number for its preferred stock will be 00489Q201. No action is
required by existing shareholders with respect to the name
change.
This name change reflects the prior purchase of the Management
Agreement of Exantas Capital Corp. by ACRES Capital Corp.
"Our name and ticker symbol change are in line with the
strategic transition of the Exantas management contract to the
ACRES network," stated Exantas's Chief Executive Officer and
President Mark Fogel. "With
complementary platforms, we are confident in growing originations
as a full end-to-end solution for middle market commercial real
estate borrowers nationwide and creating value for XAN
shareholders."
Reverse Stock Split
The Company expects its reverse stock split to be effective
after the market close on February 16,
2021. At that time, every three issued and outstanding
shares of Company common stock will be converted into one share of
Company common stock. The number of authorized shares of Company
common stock will also be reduced on a one-for-three basis. The
reverse stock split will not affect any stockholder's ownership
percentage of the Company's common stock. Any fractional
shares created as a result of the split will be returned to
shareholders in the form of cash. Stockholders of record as of the
effective date will receive information from American Stock
Transfer & Trust Company, the Company's transfer agent and the
exchange agent for the reverse stock split, regarding these cash
payments in lieu of fractional shares, if applicable.
About Exantas Capital Corp.
Exantas Capital Corp. is a real estate investment trust that is
focused on originating, holding and managing commercial real estate
mortgage loans and other commercial real estate-related debt
investments. The Company is externally managed by ACRES Capital,
LLC, a subsidiary of ACRES Capital Corp., a private commercial real
estate lender exclusively dedicated to nationwide middle market CRE
lending with a focus on multifamily, student housing, hospitality,
industrial and office in top US markets. For more information,
please visit the Company's website at www.exantas.com or
contact investor relations at IR@exantas.com. Subsequent to
the name change becoming effective, the Company's new website will
be found at www.acresreit.com and the investor contact will be
IR@acresreit.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements can generally be
identified by our use of forward-looking terminology such as "may,"
"will," "continue," "expect," "intend," "anticipate," "estimate,"
"believe," "look forward" or other similar words or terms. Because
such statements include risks, uncertainties and contingencies,
actual results may differ materially from the expectations,
intentions, beliefs, plans or predictions of the future expressed
or implied by such forward-looking statements. Factors that can
affect future results are discussed in the documents filed
by the Company from time to time with the Securities
and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statement to
reflect new or changing information or events after the date hereof
or to reflect the occurrence of unanticipated events, except as may
be required by law.
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SOURCE Exantas Capital Corp.
