CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Other Events

ME Staff 8-k
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CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Other Events
Item 8.01 Other Events.

CIM Commercial Trust Corporation (the “Company”) completed its offering of SeriesL Preferred Stock, par value $0.001 per share (“SeriesL Preferred Stock”), on November20, 2017 (the “Closing Day”). On November22, 2017, the net proceeds received from the offering of SeriesL Preferred Stock were converted from Israeli new shekels (“ILS”) into U.S. dollars (“USD”) as described in the Company’s Prospectus dated November16, 2017 (the “Prospectus”). Accordingly, the Initial Exchange Rate (as defined in the Prospectus) is 3.5243 ILS per USD and the initial SeriesL Stated Value (as defined in the Prospectus), as converted to USD, is $28.37 USD.

No later than five TASE Trading Days (as defined in the Prospectus) following: (1)the fifth anniversary of the Closing Day and (2)beginning in 2019, January31st following any year prior to the fifth anniversary of the Closing Day in which the SeriesL Preferred Distribution (as defined in the Prospectus) is not paid in full, the Company will file a report with the Israel Securities Authority on MAGNA (or any successor system), provided that the SeriesL Preferred Stock is listed on the Tel Aviv Stock Exchange (TASE). Such report will announce the occurrence of such event and will refer to the descriptions set forth under the captions “Description of our Capital Stock and the Securities Offered—Securities Offered in This Offering—SeriesL Preferred Stock—Redemption at the Option of a Holder” and “Description of our Capital Stock and the Securities Offered—Securities Offered in This Offering—SeriesL Preferred Stock—Redemption at the Option of the Company” in the Prospectus.


About CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT)

CIM Commercial Trust Corporation is engaged in acquiring, owning and operating Class A office investments in urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets. The Company operates in the business segments, including the acquisition, redevelopment, ownership and management of office real estate, multifamily real estate and hotels. Its real estate portfolio consists of over 30 assets. It has approximately 20 office properties (including over two parking garages and over two development sites), totaling approximately 5.6 million rentable square feet, which are approximately 86.9% occupied; multifamily properties, composed of over 930 units, which are approximately 92.4% occupied, and hotels, which have a total of approximately 1,070 rooms. Its office, multifamily and hotel assets are located in over 10 of the United States markets.