DALLAS–(BUSINESS WIRE)–Creative Media & Community Trust Corporation (NASDAQ: CMCT and TASE: CMCT) announced today that its Board of Directors and stockholders have approved a reverse stock split of CMCT’s common stock by a ratio of one-for-twenty-five. The Reverse Stock Split is expected to become effective at 12:01 a.m. Eastern Time on April 15, 2025, and CMCT’s common stock is expected to begin trading on the Nasdaq Global Market on a split-adjusted basis at market open that same day.
At the Effective Time, every twenty-five shares of CMCT common stock issued and outstanding immediately prior to the Effective Time will be combined into one issued and outstanding share of CMCT common stock. No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise hold a fractional share of CMCT common stock following the Reverse Stock Split will receive a cash payment in lieu of fractional shares based on the closing price of CMCT common stock on the Nasdaq Global Market on April 15, 2025.
Stockholders who hold shares of CMCT common stock in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the Reverse Stock Split and will see the impact of the Reverse Stock Split automatically reflected in their accounts.
The trading symbol of CMCT common stock on the Nasdaq Global Market will remain “CMCT.” CMCT common stock has been assigned a new CUSIP number of 12564W102 that will be effective upon completion of the Reverse Stock Split at the Effective Time.
Pursuant to the rules of the Tel Aviv Stock Exchange (“TASE”), and in order for TASE to make the appropriate adjustments to reflect the Reverse Stock Split, CMCT common stock will not trade on TASE on April 15, 2025 and will resume trading once such adjustments are made.
ABOUT CMCT
CMCT is a real estate investment trust that owns, operates and develops premier multifamily and creative office assets in vibrant communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT applies the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration (“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (www.creativemediacommunity.com)
