AG Mortgage drops after announcing reverse stock split

TPG Mortgage Investment Trust

12/07/2021 18:41

** AG Mortgage Investment Trust  MITT.N  down ~4% at $4.11
in Mon afternoon trade, on track for biggest one-day pct drop in
nearly a month, after co announces 1-for-3 reverse stock split
    ** Hybrid Agency REIT says every 3 issued and outstanding
shares will convert to one share at close of business on July 22
 urn:newsml:reuters.com:*:nBwCsHL4a
    ** Stock to begin trading on post-split basis on July 23
    ** MITT has ~47.8 mln shares outstanding as of June 13, per
Refinitiv data
    ** ~1.3 mln shares have traded as of 1330 EDT vs stock's
10-DMA of ~586k - Refinitiv
    ** With move on Mon, stock up ~40% YTD
    ** The REIT is externally managed by subsidiary of hedge
fund Angelo, Gordon & Co

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))