New York REIT, Inc. Announces 1-for-10 Reverse Stock Split (3/05/18)
NEW YORK, March 5, 2018 /PRNewswire/ -- New York REIT, Inc. (the "Company" or "NYRT") (NYSE: NYRT) announced today that its board of directors has approved a reverse stock split of NYRT's 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 NYRT's 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 NYRT's outstanding shares of common stock and therefore will not affect any stockholder's relative ownership percentage. Stockholders will be receiving information from NYRT's 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 NYRT's 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. NYRT's 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.