Retail Value Inc. Announces Sale Contract and Plan to De-list from the NYSE
March 16 2022 - 5:15PM
Business Wire
Retail Value Inc. (NYSE: RVI) today announced that the general
due diligence period expired under an agreement to sell Crossroads
Center located in Gulfport, Mississippi to a third-party purchaser
for $38.5 million in cash, subject to adjustment for certain
closing pro-rations, allocations, credits and closing costs.
Closing remains subject to customary conditions, including the
receipt of tenant estoppels and the consent of the ground lessor to
the assignment of the ground lease applicable to the shopping
center, and is expected to occur by the end of April 2022.
In addition, in connection with the effectiveness of the
Crossroads Centers purchaser’s obligations, the Company intends to
provide notice to the New York Stock Exchange of its intention to
voluntarily de-list its common shares. The Company expects that the
de-listing of its common shares will occur prior to the
commencement of trading on April 7, 2022. The Company has not
arranged for listing and/or registration of its common shares on
another national securities exchange or for quotation of its common
shares in a quotation medium (as defined in Rule 15c2-11 under the
Securities Exchange Act of 1934).
About RVI
RVI is an independent publicly traded company trading under the
ticker symbol “RVI” on the New York Stock Exchange. RVI holds one
asset in the continental U.S. which is referred to above and is
managed by one or more subsidiaries of SITE Centers Corp. RVI
focuses on realizing value in its business through operations and
sales of its assets. Additional information about RVI is available
at www.retailvalueinc.com.
Safe Harbor
The Company considers information in this press release that
relates to expectations for future periods to be forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
both as amended. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved. For this purpose, any statements
contained herein that are not historical fact may be deemed to be
forward-looking statements. There are a number of important factors
that could cause actual results to differ materially from those
indicated by such forward-looking statements, including, among
other factors, the Company and its subsidiary’s ability to satisfy
the conditions to closing specified in the sale agreement and the
purchaser’s ability to perform. The Company undertakes no
obligation to revise these forward-looking statements to reflect
events or circumstances that arise after the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20220316005711/en/
Christa Vesy, EVP and Chief Financial Officer 216-755-5500
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