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- SEC Filing
On April 17, 2023, Creative Media & Community Trust Corporation (“CMCT”) received a letter from Daniel M. Negari. Among other things, Mr. Negari indicated that he is interested in acquiring CMCT at $8.88 per common share.
On May 3, 2023, CMCT’s Board of Directors (the “Board”) unanimously determined that the $8.88 per share price proposed by Mr. Negari is not in the best interests of CMCT or its shareholders and, as Mr. Negari effectively acknowledged in his letter, substantially undervalues CMCT. The Board also determined that Mr. Negari’s proposal is not credible given that he does not have committed financing to pay either his proposed purchase price to holders of our common shares or CMCT’s obligations with respect to its debt and preferred stock that would become payable and redeemable, as the case may be, upon completion of a transaction. CMCT remains focused on executing its business plan to create value for its shareholders in the long term.
Posted In: CMCT
