TravelCenters of America Transitions From an LLC to a Corporation
WESTLAKE, Ohio — TravelCenters of America (TA) will no longer be a limited liability company organized in Delaware as of Aug. 1, when it converts to a corporation organized in Maryland. Upon the conversion, it will be named TravelCenters of America Inc.
The company also announced that its board of directors has approved a one-for-five reverse stock split that will occur concurrently with the conversion.
"The decisions by TA's Board of Directors to approve the conversion of TA to a corporation and effect a reverse stock split were made primarily to encourage ownership by a broader group of investors that may share our belief in TA's business plan and growth programs," stated Andy Rebholz, CEO and managing director of TA.
TA previously announced that its board of directors unanimously approved a plan for conversion to a corporation on May 23 during the 2019 annual meeting of shareholders, as Convenience Store News previously reported.
Shares of TA common stock will begin trading on the split-adjusted basis under the company's existing trading symbol "TA" at the open of trading on the Nasdaq on Aug. 1.
Westlake-based TravelCenters of America's business includes travel centers in 43 U.S. states and in Canada, and standalone restaurants in 14 states. Its travel centers operate under the TravelCenters of America, TA, TA Express, Petro Stopping Centers and Petro brand names. TA's standalone restaurants operate principally under the Quaker Steak & Lube brand names.