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Innovative Industrial Properties to reclassify class A, B shares

Innovative Industrial Properties Inc. plans to reclassify all of its outstanding class A and class B common shares into a single class of common stock on a 1-for-1 basis and will file an amended and restated charter with Maryland's secretary of state to implement the reclassification.

The company redeemed all of its class B shares at 0.1 cent apiece immediately before its December 2016 IPO, so no shares of that class remain outstanding.

The REIT expects the amended charter to become effective at 5 p.m. ET on Jan. 26, after which each class A and class B share will be automatically reclassified as common stock with the same voting powers, preferences, rights and qualifications, limitations and restrictions as the current class A stock. The company anticipates trading in the single class of common stock to begin Jan. 27.