Subsequent Events

6 Months Ended

Jun. 30, 2020

11.	Subsequent Events

The spin-off of the shares of Morgan’s common stock held by AC to AC’s shareholders, which was approved by AC’s Board of Directors on March 16, 2020, was made effective on August 5, 2020, at which time AC distributed to its shareholders on a pro rata basis the 500,000 shares of Morgan that AC owned.

In connection with the spin-off, the Company’s management fee agreement with AC was terminated on August 5, 2020 and the Company’s participation in the Plan is expected to be terminated on September 1, 2020.