SITE Centers Targets Dec. 4 NYSE Delisting After $3 Distribution

SITE Centers Corp. plans to notify the New York Stock Exchange (NYSE) that it will voluntarily delist its shares, with the move expected to take effect before trading opens Dec. 4. The company expects a $3-per-share distribution to bring its share price and market capitalization near levels that could prompt an involuntary delisting. SITE Centers shares closed at $3.01 on Oct. 15 and traded at $3.60 at 8 p.m. ET (0000 UTC Oct. 16), up 19.6% from the close. The board set Nov. 5 as the payment date for shareholders of record at the close of business Oct. 27. The distribution follows the sale of SITE Centers’ interests in the Dividend Trust Portfolio joint venture, which generated about $32.4 million in net proceeds.

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