04:26 AM EDT, 04/02/2024 (MT Newswires) -- Ashford (AINC) said late Monday that a special committee of independent and disinterested directors recommended, and its board approved, a plan to terminate the company's common-stock registration and to delist its shares from the NYSE American.

The company expects the plan to be initiated in the summer, subject to approvals.

Ashford is taking these steps to avoid the substantial cost and expense of being a public reporting company. It anticipates savings will likely exceed $2.5 million on an annual basis.