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Altisource Asset Management Corporation ("AAMC" or the "Company") (NYSE:AAMC) announces that the Board of Directors has elected to cancel the previously reported 2 for 1 common stock split and instead is proceeding with a 70% stock dividend. The Board also announces the promotion of Richard Rodick, previously Vice President, Finance, to Chief Financial Officer. Mr. Rodick succeeds previous CFO Stephen Krallman, who is resigning from his role effective September 14, 2023.
"On further analysis and consideration, the Board has determined that a stock dividend will be utilized instead of a stock split to accomplish the Company's objective of achieving compliance with the NYSE's listing requirement of a minimum level of 1,100,000 publicly held shares," stated Ricardo Byrd, Chairman of the Board. "This is consistent with the remediation plan we submitted to the NYSE on June 30, 2022." Each stockholder of record on September 18, 2023 will receive a dividend of seven tenths additional share of common stock for each then-held share, with any resulting fractional shares rounded up, to be distributed after close of trading on October 31, 2023. Trading will begin on a stock dividend-adjusted basis on November 1, 2023.
"In addition, Stephen Krallman has given his resignation notice to the Company and the Board would like to thank him for his service at AAMC for the last two years. Stephen has agreed to continue to work with the Company as a consultant to assist Richard Rodick in the transition to his new role," announced Chairman Byrd. "We are very pleased that Rick has joined our Company. He brings over 30 years of financial leadership in a wide range of industries and six years in public accounting with a Big Four audit firm. He has been a Controller and a CFO for both public and private multinational entities. Rick will be an invaluable addition to our senior management team as we move forward with the restructure of mortgage operations and consider opportunistic new ventures."
Posted In: AAMC
