New York City REIT board approves 1-for-8 reverse stock split

NYC announced that its board approved a 1-for-8 reverse stock split pursuant to which each outstanding share of common stock will be converted into 0.125 shares of common stock. The reverse stock split is expected to be effective at 5:00p.m. eastern time on January 11, 2023. Further, subject to executing necessary documents and board approval, the Company intends to launch a rights offering to raise additional capital from existing stockholders.