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Spirit Realty Capital board approves reverse stock split

Spirit Realty Capital Inc.'s board approved a 1-for-5 reverse stock split of its outstanding shares of common stock, to become effective at roughly 5:01 p.m. ET on Dec. 12.

Every 5 issued and outstanding shares of common stock of the company will be converted to 1 share of common stock, with the par value of each share increasing to 5 cents from 1 cent. The number of the company's authorized shares of common stock will remain unchanged.

The shares are expected to commence trading on a split-adjusted basis at market open Dec. 13.

No fractional shares will be issued in the reverse stock split, with stockholders who would otherwise be entitled to fractional shares receiving cash in an amount determined on the basis of the closing price of the company's common stock on the NYSE Dec. 12.

American Stock Transfer & Trust Co. is the company's transfer agent.