Cedar Realty Trust Announces Completion of 1-for-6.6 Reverse Stock Split
Rhea-AI Summary
Cedar Realty Trust, Inc. (NYSE: CDR) has successfully completed its 1-for-6.6 reverse stock split effective November 27, 2020. This process converts every 6.6 shares into one new share of common stock, with cash provided for fractional shares. Concurrently, the operating partnership subsidiary conducted a similar reverse unit split. Cedar Realty Trust focuses on grocery-anchored shopping centers in urban markets, managing a portfolio of 54 properties encompassing approximately 8.2 million square feet.
Positive
- Successful completion of a reverse stock split may improve share price and liquidity.
- Focus on grocery-anchored shopping centers in high-density urban markets could attract stable tenants.
Negative
- The reverse stock split may indicate underlying issues with stock price performance.
- Potential dilution concerns arise from reverse splits, impacting shareholder value.
News Market Reaction – CDR
On the day this news was published, CDR declined 11.88%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
PORT WASHINGTON, N.Y., Nov. 27, 2020 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR – the "Company") announced today the completion of its previously announced 1-for-6.6 reverse stock split of its common stock. Every 6.6 issued and outstanding shares of common stock have been converted into one share of common stock, effective prior to the opening of trading of the Company's common stock on November 27, 2020. As previously announced, stockholders received cash in lieu of fractional shares. In addition, the common stock has been assigned a new CUSIP number: 150602 605.
Concurrently with the reverse stock split, the Company's operating partnership subsidiary, Cedar Realty Trust Partnership, L.P., effected a corresponding 1-for-6.6 reverse split of its outstanding units of limited partnership interest. Fractional units were not redeemed in connection with this reverse unit split.
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-completion-of-1-for-6-6-reverse-stock-split-301180266.html
SOURCE Cedar Realty Trust, Inc.
FAQ
What is the significance of Cedar Realty Trust's reverse stock split on November 27, 2020?
What was the ratio of the reverse stock split for Cedar Realty Trust?
How many properties does Cedar Realty Trust own after the reverse stock split?
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