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New York REIT concludes reverse stock split

New York REIT Inc. finalized its reverse stock split at 5 p.m. ET on March 15, whereby every 10 issued and outstanding shares of its common stock were converted into 1 common share.

The primarily office-focused real estate investment trust said the split effectively reduced its outstanding common shares to about 16,792,873 from 167,928,730, which will continue to trade on the NYSE under the NYRT ticker.

New York REIT said the split was meant to help it remain compliant with NYSE listing requirements while undergoing liquidation, by helping to keep its common stock at a market price above $1.00.