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Condor Hospitality Trust, Inc., 8.00% Series A Convertible Preferred Stock
Ticker Symbol: CDORP* CUSIP: 20676Y205 Previous CUSIP: 86852R207 Exchange: NGM
* NOTE: This security is no longer trading as of 4/15/2016
Security has been Called for: Friday, April 15, 2016
On March 16, 2016, Condor and SREP entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which Condor issued and sold 3,000,000 shares of Series D Stock to SREP on the same date for an aggregate purchase price of $30,000,000. The Stock Purchase Agreement required that $20,147,000 of the purchase price be deposited into an escrow account for purposes of effecting the redemption of the Series A Stock and Series B Stock and that the remaining amount of the purchase price be delivered to Condor. The Stock Purchase Agreement requires Condor to redeem all outstanding shares of the Series A Stock and Series B Stock. On March 16, 2016, Condor issued notices to redeem the Series A Stock and Series B Stock on April 15, 2016 as follows:
• all 803,270 outstanding shares of the Series A Stock (NASDAQ: CDORP; CUSIP No. 20676Y205) will be redeemed at the redemption price of $10.00 per share plus $2.084940 per share in accrued and unpaid dividends (plus compounded interest) through the redemption date; and
• all 332,500 outstanding shares of the Series B Stock (NASDAQ: CDORO; CUSIP No. 20676Y304) will be redeemed at the redemption price of $25.00 per share plus $6.354167 per share in accrued and unpaid dividends through the redemption date.
With notice given, and the redemption funds deposited in escrow, all rights of the holders of the holders of the Series A Stock and Series B Stock terminated, except the right to receive the redemption price. ____________ September 17, 2015 - Condor Hospitality Trust, Inc. announced today that it has cancelled its special meeting of shareholders scheduled. The company has also terminated its offer to exchange shares of the company's common stock for shares of the company's 8% Series A Cumulative Preferred Stock and 10% Series B Cumulative Preferred Stock. ____________ Aug 06, 2015 -- Condor Hospitality Trust, Inc. CDOR, formerly Supertel Hospitality, Inc., a real estate investment trust (REIT), announced today that it has commenced an offer to exchange shares of its common stock for each outstanding share of 8% Series A Cumulative Preferred Stock (CUSIP No. 20676Y205) and 10% Series B Cumulative Preferred Stock (CUSIP No. 20676Y304). In the exchange offer, the company is offering to exchange 5.38 shares of its common stock for each share of Series A preferred stock and 13.71 shares of its common stock for each share of Series B preferred stock, in each case, validly tendered and not withdrawn before the expiration date. The exchange offer will remain open until September 9, 2015, unless extended or earlier terminated by the company. The exchange offer is subject to the satisfaction of certain conditions._________ 07/20/15 -- Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), announced in a press release dated July 15, 2015 that it changed its name to Condor Hospitality Trust, Inc. effective as of July 15, 2015. Following the completion of Nasdaq procedures, commencing on July 21st, 2015, the company will begin trading under its new name, and the company's common shares, Series A preferred shares, and Series B preferred shares will begin listing under their new ticker symbols, CDOR, CDORP, and CDORO, respectively.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Condor Hospitality Trust, Inc., 8.00% Series A Convertible Preferred Stock, liquidation preference $10 per share, redeemable at the issuer's option on or after 1/1/2009 at $10.80 per share, on or after 1/1/2010 at $10.40 per share and on or after 1/1/2011 at $10.00 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8% ($0.80) per annum paid monthly on the last day of each month to holders of record on the first day of the month in which the payment is due or on the date fixed by the board, not more than 30 days or less than 10 days prior to the payment date. The preferred shares are convertible any time at the holder's option into 1.77 common shares of Condor Hospitality Trust, Inc. (Nasdaq: CDOR), an initial conversion price of $5.66 per common share. On or after 12/31/2008, if the price of the common stock exceeds $7.36 for 20 of any 30 consecutive trading days, the company may, at their option, force the preferred shares to be converted into common shares at the then prevailing conversion price. Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (CDOR)
IPO - 12/28/2005 - 2.50 Million Shares @ $10.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: SPPRP Changed: 7/21/2015
Previous Name: SuperTel Hospitality, Inc., 8.00% Series A Convertible Preferred Stock Changed: 7/21/2015
Market Value $15.2 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 4800 Montgomery Lane, Suite 220, Bethesda, MD 20814 |
| Main Phone Number |
301-861-3305 |
| Fax Number |
Not Available |
| Investor Contact (CFO)
Jonathan J. Gantt
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301-861-3305
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| CEO - J. William Blackham |
CFO - Jonathan J. Gantt |
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