Creative Media & Community Trust Corporation
04/17/2025 | Press release | Distributed by Public on 04/17/2025 14:41
Failure to Satisfy Listing Rule, Amendments to Bylaws (Form 8-K)
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 14, 2025, Creative Media & Community Trust Corporation (the "Company") received approval from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), to transfer the listing of the Company's common stock, $0.001 par value per share (the "Common Stock"), from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer of listing will be effective as of April 17, 2025. The Common Stock will continue to trade under the symbol "CMCT".
The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market. All companies whose securities are listed on the Nasdaq Capital Market must meet certain financial requirements and adhere to Nasdaq's corporate governance standards.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The Company filed two amendments to its charter (each, an "Amendment" and collectively, the "Amendments") with the State Department of Assessments and Taxation of Maryland, to effectuate a one-for-twenty-five reverse stock split (the "Reverse Stock Split") of the Common Stock. Pursuant to the first Amendment, effective as of 12:01 am Eastern Standard Time on April 15, 2025 (the "Effective Time"), every twenty-five shares of Common Stock, issued and outstanding immediately prior to the Effective Time will be automatically combined into one issued and outstanding share of common stock, par value $0.025 per share. The second Amendment, effective as of 12:02 am Eastern Standard Time on April 15, 2025, will revert the par value of the Company's issued and outstanding common stock to $0.001 per share.
The information set forth above does not purport to be complete in scope and is qualified in its entirety by the full text of the Amendments, which are attached to this Current Report on Form 8-K as Exhibits 3.1 and 3.2 and incorporated into this Item 5.03 by reference.