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SEC Declares CIM Commercial Trust $900 Million Offering Effective

CIM Commercial Trust Corporation (NASDAQ: CMCT), a publicly-traded real estate investment trust, announced that the registration statement for up to $900 million of series A preferred stock and warrants was declared effective by the Securities and Exchange Commission.

The registration statement allows CIM Commercial Trust to offer up to a maximum of 36 million units, with each unit consisting of one share of series A preferred stock having a $25 stated value per share, and one warrant to purchase 0.25 of a share of CIM Commercial Trust ’s common stock.

According to the company, holders of series A preferred stock are entitled to receive cumulative cash dividends on each share at an annual rate of 5.5 percent of the stated value. The exercise price of each warrant will be at a 15 percent premium to the per share fair market net asset value of CMCT common stock.

The offering is being conducted on a reasonable best efforts basis with International Assets Advisor LLC as the dealer manager and Evolv Capital Partners LLC as the national accounts manager.

CIM Commercial Trust Corporation invests, owns, and operates class A and creative office investments located in improving urban communities throughout the United States, with properties primarily located in Los Angeles, the San Francisco Bay Area and Washington, D.C.

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