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Supertel Hospitality announces 1-for-8 reverse stock split

Supertel Hospitality announced a 1-for-8 reverse split of its common stock. The reverse stock split will become effective on August 14. The company's common stock will be traded on a split-adjusted basis when the market opens on August 15. Following the reverse stock split, the common stock will continue to be reported on the Nasdaq Global Market under the symbol "SPPR," and the new CUSIP number for the common stock will be 868526401. The reverse stock split was approved by the company's shareholders at the company's annual meeting of shareholders held on May 21 and the company's board was authorized to implement a reverse stock split and determine the ratio of the split within a range set forth in the definitive proxy statement for the meeting. The company board has determined to fix the ratio for the reverse stock split at 1-for-8.