Stock price about halved because the number of shares nearly doubled as part of the merger with CPTT II. Basically, a split. It gets interesting from here- will the dividend be halved because there are nearly twice as many shares out there? Or, because the merged entity is so much larger, will the dividend hold with revenue and profits of CPTT II added in?
shorts are likely selling hard today knowing that when cole II people get their shares credited and try to sell they will end up with lower price to cover the short. our system is so antiquated that they cannot / don't credit new share classes first day
Based on Spirit Realty Capital’s closing price of $18.55 per share on July 16, 2013, the inverse exchange ratio is valued at $9.74 per CCPT II share and reflects a positive cumulative total return for CCPT II stockholders
Wrong! Cole shares never approached their initial share price of $10.00 since 2008 due to stock price manipulation by the Cole Board. Meanwhile, listed reits of similar makeup more than doubled in price.