SOTHERLY HOTELS PFD SR. C

The board of Sotherly Hotels has approved the voluntary delisting of the cumulative, retractable Series B, C and D preferred shares from NASDAQ. The company plans to file a Form 25 with the SEC around April 7, 2026; the last trading day is expected to be around April 17, 2026. The move follows a merger in which KW Kingfisher acquired all common shares, and more than 80% of preferred shareholders opted for a contractually agreed cash payout. Sotherly emphasizes that its REIT status remains unchanged for tax purposes; the company is reported to have a dividend yield of 10% and owns ten full-service hotels with 2,786 rooms. » Mere på de.investing.com

Sotherly Hotels reports that following the completion of the merger with KW Kingfisher LLC on Feb. 12 a change of control occurred that triggers the conversion rights of holders of outstanding Series B, C and D preferred shares. Eligible shareholders can convert their preferred shares into common stock under the charter until March 20 to receive the merger consideration. The stock is trading near its 52-week high at about $18.33; market capitalization is approximately $46.1 million and the current dividend yield is around 10.91%. » Mere på de.investing.com

Sotherly Hotels notified holders of its series B, C and D preferred shares of a change in control resulting from the February 12 merger with KW Kingfisher LLC. Preferred shareholders are entitled to convert their cumulative, redeemable, perpetual preferred shares into common stock, subject to the terms and share caps set out in the corporate charter. The company set March 20, 2026 as the conversion record date and delivered the relevant notices to affected shareholders. » Mere på de.investing.com