New york city reit announces completion of reverse stock split and termination of reit status

New york--( business wire )--new york city reit, inc. (nyse: nyc) (“nyc” or the “company”) announced today that it completed a previously announced reverse stock split at a ratio of 1-for-8 (the “reverse stock split”). the reverse stock split took effect at 5:00 p.m. eastern time on january 11, 2023 (the “effective time”) 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.
NYC Ratings Summary
NYC Quant Ranking