New York City REIT completes reverse stock split, terminates REIT status

New York City REIT announced that it completed a previously announced reverse stock split at a ratio of 1-for-8 . The Reverse Stock Split took effect at 5:00 p.m. Eastern Time on January 11, and automatically converted each share of Common Stock outstanding at that time into 0.125 shares of Common Stock. Additionally, the company announced that its board authorized the termination of the company’s election to be treated as a real estate investment trust or "REIT" election which, when terminated, will be effective January 1, 2023. The company will file a certificate of notice with the Maryland State Department of Assessments & Taxation notifying stockholders of the board’s determination to no longer continue to be qualified as a REIT and that therefore the restrictions on ownership and transfer of shares of the company’s charter shall no longer apply.