Creative Media & Community Trust Corporation - CMCT STOCK NEWS

CIM Commercial Trust Corporation (NASDAQ: CMCT) has declared a quarterly cash dividend of $0.075 per common share, payable on September 29, 2021 to stockholders of record as of September 17, 2021. Additionally, the Board announced dividends for the Series A and Series D Preferred Stocks: $0.34375 per Series A share, and $0.353125 per Series D share, to be distributed in three installments from October 15 to December 15, 2021. These dividends reflect the company’s commitment to return value to its shareholders.

CIM Commercial Trust Corporation (CMCT) reported its Q2 2021 results with a net loss of $4.2 million, or $0.28 per diluted share, an improvement from a loss of $8.1 million the previous year. Funds from operations (FFO) were $859,000, up from a loss of $2.9 million in Q2 2020. The office portfolio was 78.5% leased, with hotel occupancy rising to 59% in June. The company completed a rights offering, raising $76.9 million, enhancing its balance sheet. Management is focused on acquiring cash-flowing assets while maintaining a strategy to improve portfolio quality.

CIM Commercial Trust Corporation (CMCT) announced the successful completion of its rights offering, which concluded on June 23, 2021. The offering attracted subscription requests for 8,521,589 shares at a price of $9.25 each, raising approximately $78.8 million in gross proceeds. The shares are expected to be issued by June 28, 2021. CMCT focuses on acquiring and operating Class A office assets in major U.S. metropolitan areas, primarily in Los Angeles and the San Francisco Bay Area.

CIM Commercial Trust Corporation (NASDAQ: CMCT) announced that subsidiaries of CIM Group plan to increase their participation in the previously announced rights offering. Initially subscribing for approximately three million shares, they now intend to purchase up to an additional three million shares if allotted. This move will potentially double their total subscription to approximately six million shares.

This press release is not an offer to sell or buy any securities. It contains forward-looking statements, and the company undertakes no obligation to update these statements.

CIM Commercial Trust Corporation (NASDAQ: CMCT) announced that subsidiaries of CIM Group intend to increase their participation in the company's rights offering. Initially, they subscribed for approximately three million shares and now plan to subscribe for an additional three million shares, potentially totaling six million shares. This move indicates strong confidence in the rights offering and aims to bolster CMCT's capital structure, although details regarding the subscription rights exercise period remain uncertain.

CIM Commercial Trust Corporation (NASDAQ: CMCT) announced the ongoing subscription period for its rights offering, set to expire at 4:00 PM New York time on June 23, 2021. The Company also addressed a false claim from an HFZ-affiliated group, which alleged violations of securities laws regarding stock ownership limitations. CMCT refuted these claims, asserting proper compliance with SEC regulations, and declined the group's request for a waiver of ownership limits. This situation aims to protect CMCT’s shareholders and maintain transparency.

CIM Commercial Trust Corporation (NASDAQ: CMCT) has launched a rights offering for approximately $137.3 million in newly issued shares. Record date for stockholders is June 11, 2021, entitling them to one subscription right for each share owned, priced at $9.25 per share. Holders can exercise their rights fully and may over-subscribe for additional shares. The offering expires on June 23, 2021, unless extended. Affiliates of CIM Group have indicated they will fully exercise their subscription rights. B. Riley Securities is the U.S. dealer manager for the offering.

The shareholder group, led by Lionbridge Capital and including Robotti & Company and Winthrop Realty Partners, which owns approximately 6.0% of CIM Commercial Trust Corporation (CMCT), has raised concerns over significant SEC disclosure violations by CMCT. The group alleges that CMCT failed to properly disclose a purported amendment to its Charter that reduced beneficial ownership limits from 9.8% to 6.25%. This lack of disclosure has led to CMCT's ineligibility to utilize Form S-3 for its Rights Offering, raising serious governance issues and concerns over shareholder rights.

CIM Commercial Trust Corporation (CMCT) announced a quarterly cash dividend of $0.075 per common share, payable on June 30, 2021, to shareholders as of June 17, 2021. Additionally, the company declared a $0.34375 per share dividend for its Series A Preferred Stock, with payments scheduled on July 15, August 16, and September 15, 2021. For Series D Preferred Stock, the dividend is $0.353125, also payable in three installments during the same period. These dividends reflect CMCT's ongoing commitment to returning value to its shareholders.