SITE Centers (SITC) Stock Jumps 19% After Hours: What’s Driving the Surge?

SITE Centers Corp. (NYSE:SITC) shares climbed 18.94% to $3.58 in pre-market session on Friday after the real estate investment trust announced a $3 per share special cash distribution and a plan to voluntarily delist from the New York Stock Exchange. SITC Special Dividend Equals Nearly the Entire Share Price SITE Centers said in its Thursday Securities and Exchange Commission filing its board declared the special distribution, payable Nov. 5 to shareholders of record on Oct. 27. The company also agreed to sell its interests in the Dividend Trust Portfolio joint venture for net proceeds of about $32.4 million. According to the SEC filing, the payout exceeds 25% of the share price, so the NYSE said the stock will trade with "due bills" from the record date through Nov. 5. Shareholders who sell their shares during that window will also transfer their right to the special distribution to the buyer. The ex-dividend date is Nov. 6. Due bills obligate a seller to deliver the special dividend to the buyer. Brokers settle them, and SITE Centers has no obligation for the amount or processing. The company advised investors to consult their brokers before trading. SITE Centers Delisting Plan In a separate SEC filing, SITE Centers said it will notify the NYSE of its plan to voluntarily delist its common shares. The company said the special payout is expected to push the share price and market capitalization toward levels that would trigger involuntary delisting. Read Also: eBay Stock Is Trending After Hours: Here’s Why SITE Centers expects delisting before trading opens Dec. 4. It has not arranged for listing on another national exchange or quotation on another market. Trading Metrics, Technical Analysis SITE Centers has a market capitalization of $157.95 million, a 52-week high of $8.95 and a 52-week low of $2.80. The Relative Strength Index (RSI) of SITC stands at 42.87. The small-cap stock of the Ohio-based, self-administered and self-managed retail real estate investment trust has fallen 65.16% over the past 12 months. SITC is currently trading close to its 52-week low. Price Action: The stock closed the regular session on Thursday at $3.01, down 0.33%, according to Benzinga Pro data. .benzinga-widget#bz-embed-widget-block_0ce1265a8e056a3d26b13d9d58c137b2 iframe.w-full { width: 100%; } @media (max-width: 600px) { .benzinga-widget#bz-embed-widget-block_0ce1265a8e056a3d26b13d9d58c137b2 iframe.w-full { height: 670px; } } Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock