NEW YORK–(BUSINESS WIRE)–New York City REIT, Inc. (NYSE: NYC) announced today that it completed a previously announced reverse stock split at a ratio of 1-for-8. The Reverse Stock Split took effect at 5:00 p.m. Eastern Time on January 11, 2023 and automatically converted each share of Common Stock outstanding at that time into 0.125 shares of Common Stock. The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any common stockholder’s percentage ownership interest in the Company, except for any fractional shares of Common Stock that would otherwise have resulted from the Reverse Stock Split which will be settled by cash payment, calculated on the basis of the closing trading price of the Common Stock (as adjusted for the Reverse Stock Split) on January 11, 2023 on the NYSE multiplied by such fraction. As a result of the Reverse Stock Split, the number of shares of the Company’s Common Stock outstanding was reduced from approximately 15.4 million to approximately 1.9 million shares as of the Effective Time.
Additionally, the Company announced that its board authorized the termination of the Company’s election to be treated as a real estate investment trust or “REIT” election which, when terminated, will be effective January 1, 2023. The Company will file a certificate of notice with the Maryland State Department of Assessments & Taxation notifying stockholders of the board’s determination to no longer continue to be qualified as a REIT and that therefore the restrictions on ownership and transfer of Shares (as defined in the Company’s charter) of the Company’s charter shall no longer apply.
About the Company
The Company owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City. Additional information about NYC can be found on its website at www.newyorkcityreit.com.
