Creative Media & Community Trust (CMCT) said Thursday its board had approved a 1-for-10 reverse stock split of its common stock, effective Jan. 6.
The stock will begin to trade on a split-adjusted basis at market open that day with the same ticker symbol, the company said.
It added that no fractional shares will be issued, and stockholders who would otherwise receive a fractional share would instead receive a cash payment based on the Jan. 6 closing price of the stock on Nasdaq.
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