Creative Media & Community Trust Corp 8-K, filed May 8, 2023
Creative Media & Community Trust Corp (CMCT)
8-K
2023-05-08
For: 2023-05-03
View Original
Added on
April 05, 2026
About this 8-K
Creative Media & Community Trust Corp filed this 8-K on May 8, 2023, reporting on events of May 3, 2023.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM | ||
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 3, 2023
Commission File Number 1-13610
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
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| None | ||||||||||||||
| (Former name or former address, if changed since last report) | ||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 8.01. Other Events
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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| CREATIVE MEDIA & COMMUNITY TRUST CORPORATION | ||||||||||||||
| Dated: May 5, 2023 | By: | /s/ David Thompson David Thompson Chief Executive Officer | ||||||||||||