Real estate finance company Capital Trust Inc. (CT) said Friday its board has approved a reverse stock split of its class A common stock at a ratio of 1-for-10.
In addition, the New York City-based company said it expects to change its name to Blackstone Mortgage Trust, Inc. and its stock ticker symbol to "BXMT" concurrently with the consummation of the reverse stock split.
The reverse stock split and name and ticker symbol changes are expected to take effect on May 6.
The stock split envisages that every 10 shares of issued and outstanding class A common stock will be converted into 1 share of class A common stock. In addition, at the market open on May 7, the class A common stock is expected to trade under the symbol "BXMT" and will be assigned a new CUSIP number: 09257W 100.
As a result of the reverse stock split, the number of outstanding shares of class A common stock will be reduced to about 2.93 million shares. The number of authorized shares and the par value per share will remain unchanged. No fractional shares will be issued in connection with the reverse stock split.
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