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New York REIT board approves 1-for-10 reverse stock split

New York REIT Inc.'s board approved a reverse stock split aimed to ensure that its shares remain in compliance with New York Stock Exchange listing requirements as the company executes its liquidation plan.

The reverse stock split will take effect at around 5:00 p.m. ET on March 15.

Every 10 issued and outstanding shares of common stock will be converted into a solitary share, resulting in the aggregate number of outstanding shares falling to roughly 16,792,873 shares from 167,928,730 shares. The common stock is expected to be assigned a new CUSIP number at market open March 16.

Since the reverse stock split will apply to all the outstanding share capital, the relative ownership percentage of the stockholders will not be affected.