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.
Important Notice
The statements in this press release that are not historical facts
may be forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause the outcome to be
materially different. In addition, words such as "may," "will,"
"seeks," "anticipates," "believes," "estimates," "expects,"
"plans," "intends," "should" or similar expressions indicate a
forward-looking statement, although not all forward-looking
statements include these words. Actual results may differ
materially from those contemplated by such forward-looking
statements, including those set forth in the Risk Factors section
of NYRT's most recent Annual Report on Form 10-K, and in future
filings with the SEC. Further, forward-looking statements speak
only as of the date they are made, and NYRT undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, unless required
by law.
Contacts
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Media:
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Investor
Relations:
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Jonathan
Keehner Mahmoud
Siddig Joele Frank, Wilkinson
Brimmer Katcher jkeehner@joelefrank.com msiddig@joelefrank.com (212)
355-4449
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Wendy Silverstein,
Chief Executive
Officer and President New York
REIT, Inc. wsilverstein@nyrt.com (617) 570-4750
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John Garilli, Chief
Financial
Officer, Treasurer, and Secretary New York REIT, Inc. jgarilli@nyrt.com (617) 570-4750
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SOURCE New York REIT, Inc.