Altisource Completes Spin-Off of Altisource Residential Corporation and Altisource Asset Management Corporation
Altisource Portfolio Solutions (NASDAQ: ASPS) today announced the successful consummation of its previously announced spin-offs of Altisource Residential Corporation ("Residential") and Altisource Asset Management Corporation ("AAMC"). The spin-offs and the distribution to Altisource's shareholders of Residential Class B common stock (the "Residential Shares") and AAMC common stock (the "AAMC Shares") complete the separation of Residential and AAMC from Altisource and their transition to independent public companies.
The spin-offs were completed at the close of business on Friday, December 21, 2012, and the Residential Shares and AAMC Shares were electronically distributed today to Altisource shareholders as of the record date, December 17, 2012, in the ratio of 1 Residential Share for every 3 Altisource shares and 1 AAMC Share for every 10 Altisource shares.
The Residential Shares will trade on the NYSE under the symbol "RESI" commencing today. The AAMC Shares will continue to trade on the OTCQX under the symbol "AAMCV" and are anticipated to begin trading under the symbol "AAMC" commencing December 26, 2012. Altisource common stock continues to trade on the NASDAQ Global Select Market under the ticker symbol "ASPS."
Ashish Pandey, Chief Executive Officer of AAMC, said, "We are pleased to