PORT WASHINGTON, N.Y.,
Nov. 16, 2020 /PRNewswire/ -- Cedar
Realty Trust, Inc. (NYSE: CDR – the "Company") announced that its
Board of Directors approved a reverse stock split of the Company's
outstanding shares of common stock at a ratio of 1-for-6.6. The
reverse stock split is expected to take effect at about
9:00 a.m. Eastern time on
November 27, 2020 (the "Effective
Time").
Accordingly, at the Effective Time, every six and six-tenths
issued and outstanding shares of common stock will be converted
into one share of common stock. In addition, at the market open on
November 27, 2020, the common stock
will be assigned a new CUSIP number: 150602 605.
As a result of the reverse stock split, the number of
outstanding shares of common stock of the Company will be reduced
from approximately 89.3 million to approximately 13.5 million. The
Company expects that a corresponding adjustment will be made to its
quarterly dividend. The amount of any future dividends payable by
the Company will be determined by and are at the discretion of the
Company's Board of Directors.
No fractional shares will be issued in connection with the
reverse stock split. Instead, each stockholder holding fractional
shares will be entitled to receive, in lieu of such fractional
shares, cash in an amount determined on the basis of the average
closing price of the Company's common stock on the New York Stock
Exchange for the three consecutive trading days ending on
November 25, 2020. The reverse stock
split will apply to all of the Company's outstanding shares of
common stock. Stockholders of record will be receiving information
from American Stock Transfer & Trust Company, LLC, the
Company's transfer agent, regarding their stock ownership following
the reverse stock split and cash in lieu of fractional share
payments, if applicable.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a
fully-integrated real estate investment trust which focuses on the
ownership, operation and redevelopment of grocery-anchored shopping
centers in high-density urban markets from Washington, D.C. to Boston. The Company's portfolio (excluding
properties treated as "held for sale") comprises 54 properties,
with approximately 8.2 million square feet of gross leasable
area.
For additional financial and descriptive information on the
Company, its operations and its portfolio, please refer to the
Company's website at www.cedarrealtytrust.com.
View original
content:http://www.prnewswire.com/news-releases/cedar-realty-trust-announces-1-for-6-6-reverse-stock-split-301173922.html
SOURCE Cedar Realty Trust, Inc.