Dividend-News

Orchid Island Capital Announces One-for-five Reverse Stock Split, August 2022 Monthly Dividend and July 31, 2022 RMBS Portfolio Characteristics

Published August 17, 2022 05:49 PM EDT on BusinessWire

Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company (the “Board”) approved a reverse stock split of the outstanding shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at a ratio of one-for-five (the “Reverse Stock Split”). The Reverse Stock Split is scheduled to take effect at approximately 5:00 p.m. Eastern Time on August 30, 2022 (the “Effective Time”). At the Effective Time, every five issued and outstanding shares of Common Stock will be converted into one share of Common Stock, with a proportionate reduction in the Company’s authorized shares of Common Stock and preferred stock. The par value of each share of Common Stock will remain unchanged. The shares are expected to begin trading on a split-adjusted basis at market open on August 31, 2022. Trading in the Common Stock will continue on the NYSE under the symbol “ORC” but the security will be assigned a new CUSIP number.... Read more