Sotherly Hotels to Voluntarily Delist Preferred Stock from Nasdaq to OTC Market

Sotherly Hotels Inc. announced that its Board of Directors has approved the voluntary withdrawal of its Series B, C, and D cumulative redeemable perpetual preferred stock from the Nasdaq Stock Market. Following the delisting, the company intends to transition these securities to the OTC Market platform for continued trading. Despite the move away from a major exchange, Sotherly Hotels confirmed it will maintain its full reporting obligations with the U.S. Securities and Exchange Commission (SEC). This strategic shift is expected to impact the liquidity and visibility of the preferred shares, which often leads to wider bid-ask spreads in the over-the-counter market. Investors should note that while the preferred shares are moving, the company remains committed to regulatory transparency and standard financial reporting. The transition marks a significant change in the company's capital structure positioning within the public markets. Market participants will be watching closely to see how this move affects the overall valuation of the REIT's preferred equity.

Sources:globenewswire.comrobinhood.comstocktitan.netquiverquant.comstreetinsider.cominvesting.com