Creative Media & Community Trust Board Approves 1:25 Reverse Stock Split, Stock Down

(RTTNews) - Creative Media & Community Trust Corp. (CMCT), a real estate investment trust, on Thursday announced that its Board of Directors and stockholders have approved a reverse stock split at a 1-for-25 ratio.

Shares of CMCT are dropping in the pre-market trading.

The reverse stock split is set to take effect at 12:01 a.m. ET on April 15.

At the effective time, every 25 shares of the company's stock will be combined into one share.

No fractional shares will be given out in the reverse stock split.

However, instead, shareholders who end up with a fraction of a share will get a cash payment based on the company's closing stock price on April 15.

The company's stock is expected to start trading on the Nasdaq with the new split-adjusted price when the market opens that day.

In the pre-market trading, CMCT is 11.1283% lesser at $0.23 on the Nasdaq.