PORT WASHINGTON, N.Y., Nov. 16, 2020 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR – the "Company") announced that its Board of Directors approved a reverse stock split of the Company's outstanding shares of common stock at a ratio of 1-for-6.6. The reverse stock split is expected to take effect at about 9:00 a.m. Eastern time on November 27, 2020 (the "Effective Time").
Accordingly, at the Effective Time, every six and six-tenths issued and outstanding shares of common stock will be converted into one share of common stock. In addition, at the market open on November 27, 2020, the common stock will be assigned a new CUSIP number: 150602 605.
As a result of the reverse stock split, the number of outstanding shares of common stock of the Company will be reduced from approximately 89.3 million to approximately 13.5 million. The Company expects that a corresponding adjustment will be made to its quarterly dividend. The amount of any future dividends payable by the Company will be determined by and are at the discretion of the Company's Board of Directors.
No fractional shares will be issued in connection with the reverse stock split. Instead, each stockholder holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the average closing price of the Company's common stock on the New York Stock Exchange for the three consecutive trading days ending on November 25, 2020. The reverse stock split will apply to all of the Company's outstanding shares of common stock. Stockholders of record will be receiving information from American Stock Transfer & Trust Company, LLC, the Company's transfer agent, regarding their stock ownership following the reverse stock split and cash in lieu of fractional share payments, if applicable.
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.
SOURCE Cedar Realty Trust, Inc.