NYC - New York City REIT completes reverse stock split terminates REIT status
- New York City REIT ( NYSE: NYC ) said Thursday it completed a 1-for-8 reverse stock split, which became effective a day earlier, and terminated its REIT status.
- Each outstanding share was automatically converted into 0.125 shares.
- The number of outstanding shares was reduced from ~15.4M to ~1.9M shares.
- New York City REIT's ( NYC ) board authorized the termination of its REIT status to become a taxable C corporation , effective from January 1.
- As a result, restrictions on ownership and transfer of shares of the company's charter will no longer apply.
- Take a look at New York City REIT's ( NYC ) key stats compared with its peers .
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New York City REIT completes reverse stock split, terminates REIT status