<p xmlns=”http://www.w3.org/1999/xhtml”>PORT WASHINGTON, NY, Nov. 16, 2020 / PRNewswire / – Cedar Realty Trust, Inc. (NYSE: CDR, Company “,)) announced that its Board of Directors approved a reverse split of the Company’s outstanding common shares. a 1 to 6.6 ratio. The reverse stock split is expected to take effect around 9:00 am Eastern Time on November 27, 2020 (the “Effective Time”).
Consequently, in the Term, every six and six-tenths of the ordinary shares issued and outstanding will be converted into one ordinary share. In addition, on the open market on November 27, 2020, a new CUSIP number will be assigned to common shares: 150602605.
As a result of the reverse stock split, the number of the Company’s outstanding common shares will decrease from approximately 89.3 million to approximately 13.5 million. The Company expects the corresponding adjustment to its quarterly dividend to be made. The amount of future dividends payable by the Company will be determined by the Company’s Board of Directors and at its discretion.
No fractional shares will be issued in connection with the reverse split of shares. Instead, each shareholder who owns fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined based on the average closing price of the Company’s common shares on the New York Stock Exchange during the three consecutive business days. until November 25, 2020. The reverse split of shares will apply to all outstanding common shares of the Company. Registered shareholders will receive information from American Stock Transfer & Trust Company, LLC, the Company’s transfer agent, regarding their ownership of shares after reverse splitting of shares and cash in lieu of fractional payments of shares, if applicable.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully integrated real estate investment trust that focuses on owning, operating and remodeling supermarket anchored shopping centers in high-density urban markets from Washington, DC 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 about the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarrealtytrust.com.
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SOURCE Cedar Realty Trust, Inc.