New York REIT, Inc. Announces 1-for-10 Reverse Stock Split
Monday, March 05, 2018 4:17:00 PM ET
New York REIT, Inc. (the "Company" or "NYRT") (NYRT ) announced today that its board of directors has approved a reverse stock split of NYRTs common stock at a ratio of 1-for-10. The reverse stock split is expected to take effect at approximately 5:00 p.m. EST on March 15, 2018 (the "Effective Time").
Accordingly, at the Effective Time, every 10 issued and outstanding shares of common stock will be converted into one share of common stock. In addition, at the market open on March 16, 2018, the common stock is expected to be assigned a new CUSIP number.
As a result of the reverse stock split, the number of outstanding shares of NYRTs common stock will be reduced from 167,928,730 to approximately 16,792,873. No fractional shares will be issued in connection with the reverse stock split. Instead, cash will be paid in lieu of any fractional share that would have otherwise resulted from the reverse stock split. The reverse stock split will apply to all of NYRTs outstanding shares of common stock and therefore will not affect any stockholders relative ownership percentage. Stockholders will be receiving information from NYRTs transfer agent regarding their stockholdings following the reverse stock split as well as any cash in lieu payments that may result from the reverse stock split. Stockholders are not required to take any action to effectuate the exchange of their shares.
The reverse stock split is intended to increase the likelihood that NYRTs common stock will continue to trade at a market price above $1.00, helping the Company to continue to remain in compliance with New York Stock Exchange listing requirements as it completes its plan of liquidation.
About New York REIT, Inc. NYRT is a publicly traded real estate investment trust listed on the NYSE that owns income-producing commercial real estate, including office and retail properties, located in New York City. NYRTs shareholders recently adopted a plan of liquidation pursuant to which NYRT is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. Additional information about NYRT can be found on its website at www.nyrt.com.
Important Notice The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Actual results may differ materially from those contemplated by such forward-looking statements, including those set forth in the Risk Factors section of NYRTs most recent Annual Report on Form 10-K, and in future filings with the SEC. Further, forward-looking statements speak only as of the date they are made, and NYRT undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
Media: Investor Relations:
Jonathan Keehner Wendy Silverstein, Chief Executive John Garilli, Chief Financial
Mahmoud Siddig Officer and President Officer, Treasurer, and Secretary
Joele Frank, Wilkinson Brimmer Katcher New York REIT, Inc. New York REIT, Inc.
firstname.lastname@example.org email@example.com firstname.lastname@example.org
email@example.com (617) 570-4750 (617) 570-4750
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SOURCE New York REIT, Inc.