Business
Presidio Property Trust Announces Reverse Stock Split
SAN DIEGO, May 14, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. (“Presidio” or the “Company”), an internally managed,
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, May 14, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: SQFT; SQFTP; SQFTW) Presidio Property Trust, Inc. (“Presidio” or the “Company”), an internally managed, diversified real estate investment trust, announced today that it will proceed with a 1-for-10 reverse stock split (“Reverse Stock Split”) of its outstanding shares of Series A Common Stock following approval by its Board of Directors pursuant to the Maryland General Corporation Law and no stockholder approval is required. Presidio expects the Company’s Series A Common Stock will begin trading on a post-split basis at the market open on May 19, 2025, and continue to be traded under the symbol “SQFT” with a new CUSIP number 74102L501. The primary objective of the Reverse Stock Split is to increase the per share market price of the Series A Common Stock to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market and maintain the listing of its common stock on the Nasdaq Capital Market. When the Reverse Stock Split is effective, every 10 shares of Presidio Series A Common Stock issued and outstanding will be combined automatically into 1 share of Series A Common Stock. The Reverse Stock Split will apply equally to all outstanding shares of Series A Common Stock and each stockholder will hold the same percentage of Series A Common Stock outstanding immediately following the Reverse Stock Split, except for adjustments that may result from the treatment of fractional shares. No fractional shares shall be issued in connection with the Reverse Stock Split. In lieu thereof, if, upon aggregating all of the shares of Series A Common Stock held by a record holder of Series A Common Stock immediately following the Reverse Stock Split such holder would otherwise be entitled to a fractional share of Series A Common Stock, as a result of the Reverse Stock Split, the Company shall issue to such holder an additional fraction of a share of Series A Common Stock as is necessary to round the number of shares of Series A Common Stock, held by such holder up to the nearest whole share. The Company does not intend to round up fractional shares at the beneficial level and will instead round any such fractional shares up at the participant level. All equity awards and warrants outstanding immediately prior to the Reverse Stock Split will be proportio...