Creative Media & Community Trust Corporation (CMCT) announced that its Board of Directors and stockholders have approved a reverse stock split of the company's common stock. The ratio for this split is one-for-ten.
The reverse stock split is scheduled to become effective at 12:01 a.m. Eastern Standard Time on January 6, 2025. CMCT's common stock is expected to begin trading on the Nasdaq Global Market on a split-adjusted basis at market open on the same day.
Under the terms of the split, every ten shares of CMCT common stock issued and outstanding will be combined into one share. No fractional shares will be issued, with stockholders receiving cash payments in lieu of fractional shares.
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