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CIM Commercial Trust Reaffirms its Previously Announced Rights Offering to Expire on June 23
Announces HFZ-affiliated group’s refusal to retract false and misleading statement and Responds to HFZ-affiliated group’s request for waiver of ownership
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[{"type":"text","content":"\nAnnounces HFZ-affiliated group’s refusal to retract false and misleading statement and Responds to HFZ-affiliated group’s request for waiver of ownership limitation \n\n DALLAS--(BUSINESS WIRE)--\nCIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT‑L) (“we”, “our”, “CMCT”, “CIM Commercial”, or the “Company”) reaffirmed today that its rights offering is proceeding as previously announced. The subscription period for the rights offering is open and will expire at 4:00 pm New York time on June 23, 2021 (unless extended by CMCT).\n\nIn addition, CMCT announced that the HFZ-affiliated group (consisting of affiliates of Lionbridge Capital I, LP, f/k/a HFZ Lionbridge I, LP, along with Robotti & Company, Inc. and Winthrop Realty Partner, L.P. (collectively, the “Group”)) has refused to retract its false and misleading press release. On June 9, 2021, the Group issued a press release falsely alleging that the Company violated securities laws because it was purportedly required to file a Form 8-K to disclose a change to the stock ownership limitations set forth in the Company’s charter. On June 11, 2021, counsel to the Company asked the Group to retract the false and misleading press release. On June 14, 2021, the Group, through its counsel, declined to do so.\n\nThe Group’s press release is patently false and materially misleading, and was opportunistically timed in an attempt to disrupt CMCT’s rights offering: Quite simply, the 6.25% stock ownership limitation has been properly disclosed in CMCT’s SEC filings and the Company was not required to file a Form 8‑K to report the change. The Group’s press release demonstrates either a lack of basic understanding of law or was made with the intent to deceive and manipulate CMCT stockholders.\n\nFurther, the Company announced today that it has declined to grant a waiver of the stock ownership limitation requested by the Group on June 10, 2021.\n\nIMPORTANT\n\nThis press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company or any of its subsidiaries, nor shall there be any offer, solicitation or sale of any securities of the Company or any of its subsidiaries in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction.\n\nFORWARD-LOOKING STAT...