{"id":1770,"date":"2021-01-25T03:42:59","date_gmt":"2021-01-25T09:42:59","guid":{"rendered":"https:\/\/1reason.com\/re\/griffin-announces-corporate-updates-and-new-name\/1770\/"},"modified":"2021-01-25T21:42:59","modified_gmt":"2021-01-26T03:42:59","slug":"griffin-announces-corporate-updates-and-new-name","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/griffin-announces-corporate-updates-and-new-name\/1770\/","title":{"rendered":"Griffin Announces Corporate Updates and New Name"},"content":{"rendered":"<div>\n<ul> and change in trading symbol from \u201cGRIF\u201d to \u201cINDT\u201d<\/p>\n<li><strong><em>REIT conversion effective January 1, 2021<\/em><\/strong><\/li>\n<\/ul>\n<p>NEW YORK, Jan.  04, 2021  (GLOBE NEWSWIRE) &#8212; <strong>Griffin Industrial Realty, Inc. (Formerly Nasdaq: GRIF) <\/strong>announced the following corporate updates concerning its reincorporation as a Maryland corporation, the adoption of a new name and trading symbol and the start of operations as a real estate investment trust (\u201cREIT\u201d) on January 1, 2021.<\/p>\n<p>\u201cI am excited to announce the completion of a number of strategic milestones as we start the new year,\u201d said Michael Gamzon, President &amp; Chief Executive Officer. \u201cWe look forward to operating as a REIT under our new corporate identity, INDUS Realty Trust, Inc., and embarking on the next phase of our growth.\u201d<\/p>\n<p><strong>Completion of Maryland Reincorporation<\/strong><\/p>\n<p>On December 30, 2020, pursuant to an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d), by and among Griffin Industrial Realty, Inc., a Delaware corporation (\u201cGriffin DE\u201d or the \u201cPredecessor Company\u201d), Griffin Industrial Maryland, Inc., a Maryland corporation and the Predecessor Company\u2019s wholly-owned subsidiary (\u201cGriffin MD\u201d), and Griffin Industrial Maryland, LLC, a Maryland limited liability company and a wholly-owned subsidiary of Griffin MD (\u201cGriffin MD Sub\u201d), the Predecessor Company merged with and into Griffin MD Sub (the \u201cReincorporation Merger\u201d), with Griffin MD Sub surviving as the surviving entity and a wholly-owned subsidiary of Griffin MD, on the terms set forth in the Merger Agreement.<\/p>\n<p>As a result of the Reincorporation Merger, each outstanding share of the common stock, par value $0.01 per share, of the Predecessor Company was converted into one share of common stock, par value $0.01 per share, of Griffin MD.<\/p>\n<p><strong>Name Change and Update to NASDAQ Trading Symbol<\/strong><\/p>\n<p>On December 30, 2020, the Board of Directors of Griffin MD, adopted an amendment (the \u201cCertificate of Amendment\u201d) to its Amended and Restated Certificate of Incorporation to change the name of Griffin MD to INDUS Realty Trust, Inc. (\u201cINDUS\u201d or the \u201cCompany\u201d). The Certificate of Amendment was filed with the Maryland Department of Assessments and Taxation on December 30, 2020, and it became effective on December 31, 2020. The Board of Directors of Griffin MD also amended and restated the by-laws and corporate governance documents of Griffin MD to reflect the name change to INDUS Realty Trust, Inc., effective upon the effectiveness of the Certificate of Amendment.<\/p>\n<p>Beginning on January 4, 2021, the common stock of the Company will be listed for trading on The Nasdaq Stock Market LLC under the symbol \u201cINDT\u201d, rather than \u201cGRIF\u201d, its former trading symbol under the Predecessor Company.<\/p>\n<p>Concurrent with the name and trading symbol change, the Company has also updated its website address from <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=F-JXiBQCIcAO_xLmnRfE7e81AhfgIB8sUnSHRCW1S8o-2I0NrBLxnXkwn8ChIRsEnLGcm9_2EWYdgvXnTKwtp6S7joqBsp39ReSBnICnIsQ=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"www.griffinindustrial.com\">www.griffinindustrial.com<\/a> to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Sauk0nuYszKKntTHoEri-a0EMaLTTK6mTrITe4oT9_2vq9L3SnHdbrFKMtAP8PtFFY58ZtIfB6Nlp57MwD-usw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"www.indusrt.com\">www.indusrt.com<\/a>.<\/p>\n<p><strong>REIT Election and Related Items<\/strong><\/p>\n<p>Beginning on January 1, 2021, INDUS will elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cREIT Conversion\u201d) and generally will not be subject to U.S. federal income taxes to the extent the Company timely distributes its taxable income, if any, to its stockholders. In connection with the REIT Conversion and as previously announced, INDUS intends to declare a dividend in the near future in order to distribute the Company\u2019s accumulated earnings and profits based on the Company\u2019s taxable results through December 31, 2020.<\/p>\n<p><strong>About INDUS<\/strong><\/p>\n<p>INDUS Realty Trust, Inc. is a real estate business principally engaged in developing, acquiring, managing and leasing industrial\/warehouse properties. INDUS owns 41 buildings totaling approximately 4.6 million square feet (4.2 million of which is industrial\/warehouse space) in Connecticut, Pennsylvania, North Carolina and Florida in addition to over 3,400 acres of undeveloped land.<\/p>\n<p><strong><em>Forward-Looking Statements:<\/em><\/strong><\/p>\n<p><em>This Press Release includes \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include INDUS\u2019s beliefs and expectations regarding future events or conditions including, without limitation, the Company\u2019s future growth and operations as a REIT, including future dividend payments. Although INDUS believes that its plans, intentions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved. The projected information disclosed herein is based on assumptions and estimates that, while considered reasonable by INDUS as of the date hereof, are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, many of which are beyond the control of INDUS and which could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements. Other important factors that could affect the outcome of the events set forth in these statements are described in INDUS\u2019s Securities and Exchange Commission filings, including the \u201cBusiness,\u201d \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections in INDUS\u2019s Annual Report on Form 10-K for the fiscal year ended November 30, 2019 and the \u201cRisk Factors\u201d section in INDUS\u2019s Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2020. INDUS disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by law.<\/em><\/p>\n<p><strong>CONTACT:<\/strong><br \/><strong>Anthony Galici<\/strong><br \/><strong>Chief Financial Officer<\/strong><br \/><strong>(860) 286-1307 <\/strong><br \/><strong><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=blSklGz1rxBy8iVracIoPOt8FbP0aB1065fSwxSOg2m_VcdpM_4s4rsMD6IBl_81FinpuEay_0-NUZzCYHt3Ai62y9jjrV3CvRH_bZGPEPI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"agalici@indusrt.com\">agalici@indusrt.com<\/a><\/strong><\/p>\n<p><strong>Ashley Pizzo<\/strong><br \/><strong>Director, IR &amp; Capital Markets<\/strong><br \/><strong>(212) 218-7914 <\/strong><br \/><strong><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=oC2eDu8Ts9QIv3XhLjTef10GHP3EmsWmAdNsfuNgYyLIhVFpQt8SDuGbsjGKAbHZAfzeh58Tz5Hpcr0_CdAEzVpQ0_PjQLahktBf-ZnpK58=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"apizzo@indusrt.com\">apizzo@indusrt.com<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" width=\"1\" height=\"1\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/release\/track\/3b4913cf-1ee9-4a1c-8feb-64867ed67a89\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>NEWS FROM: <\/p>\n<p>INDUS REALTY TRUST, INC.(formerly GRIFFIN INDUSTRIAL REALTY, INC.)<\/p>\n<p> Completion of Maryland reincorporationName change from Griffin Industrial Realty, Inc. to INDUS Realty Trust, Inc.<\/p><\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/1770"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=1770"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/1770\/revisions"}],"predecessor-version":[{"id":1787,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/1770\/revisions\/1787"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=1770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=1770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=1770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}