Array Digital Declares Massive $11 Special Dividend After $1.17B Spectrum Sales
AD sits 16% above its 52-week low of $44.03.
Summary
Array Digital Infrastructure declared a significant $11 per share special dividend, representing over 20% of its current stock price. This follows the completion of $1.168 billion in spectrum asset sales to Verizon and T-Mobile, as disclosed in an 8-K filed earlier today. The substantial capital return is part of the company's strategy to monetize its spectrum licenses. The dividend is payable June 25 to shareholders of record on June 11, with no further dividends expected this year.
At the time of this announcement, AD was trading at $50.92 on NYSE in the Technology sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $44.03 to $79.17. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.