MFA Financial completes reverse stock split

Mortgage real estate investment trust MFA Financial Inc. completed the 1-for-4 reverse stock split of its common stock following the close of business April 4.

As a result of the split, every 4 issued and outstanding shares of the company's common stock were converted into 1 share. The number of outstanding shares of the company's common stock was reduced from 420,142,761 to about 105,035,000. The common shares will continue to trade on the NYSE under the symbol MFA and, starting April 5, under a new CUSIP number: 55272X607.

No fractional shares were issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares will receive cash in an amount based on the closing price of the company's common stock on the NYSE on April 4 but taking into account the reverse stock split.

Because the split applied to all of the company's common shares, it had no effect on any stockholder's relative ownership percentage except for de minimis changes resulting from the payment of cash in lieu of fractional shares. The split also did not affect the timing or the amount of the company's common stock dividend of 11 cents per common share, which will be payable April 29 to stockholders of record at the close of business March 22.