CIM Commercial Trust Corporation Raises $78.8 million in Rights Offering
June 25 2021 - 8:30AM
Business Wire
CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT‑L)
(“we”, “our”, “CMCT”, “CIM Commercial”, or the “Company”) announced
the final results of its rights offering, which expired at 4:00
p.m., New York Time, on June 23, 2021.
The Company received subscription requests (including
over-subscription requests) in respect of 8,521,589 shares of its
common stock at a subscription price of $9.25 per share.
Accordingly, the Company raised aggregate gross proceeds of
approximately $78.8 million in the rights offering. The Company
expects to issue the 8,521,589 shares of its common stock
subscribed for in the rights offering on or about June 28,
2021.
About CIM Commercial
CIM Commercial is a real estate investment trust that primarily
acquires, owns, and operates Class A and creative office assets in
vibrant and improving metropolitan communities throughout the
United States. Its properties are primarily located in Los Angeles
and the San Francisco Bay Area. CIM Commercial is operated by
affiliates of CIM Group, L.P., a vertically-integrated owner and
operator of real assets with multi-disciplinary expertise and
in-house research, acquisition, credit analysis, development,
finance, leasing, and onsite property management capabilities
(www.cimcommercial.com).
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the rights offering, including statements containing the
words “will,” “expect,” and words of similar import. For a list and
description of the risks and uncertainties inherent in
forward-looking statements, see the Annual Report on Form 10-K (as
amended) filed by the Company in respect of the fiscal year ended
December 31, 2020, and the prospectus supplement relating to the
rights offering filed by the Company with the SEC on June 10, 2021.
Forward-looking statements are not guarantees of performance or
results and speak only as of the date such statements are made. CIM
Commercial undertakes no obligation to publicly update or release
any revisions to its forward-looking statements, whether to reflect
new information, future events, changes in assumptions or
circumstances or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210625005088/en/
For CIM Commercial Trust Corporation
Media Relations: Karen Diehl, Diehl Communications, 310-741-9097
karen@diehlcommunications.com
or
Shareholder Relations: Steve Altebrando, 646-652-8473
shareholders@cimcommercial.com
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