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