New York City REIT Inc. NYC said Thursday the 1-for-8 reverse stock split has been completed, and the stock will be trading on a post-split basis. Shares of the owner of commercial real estate in New York City closed at $1.71 on Thursday, which makes the post-split price $13.68. The stock is currently inactive in premarket trading. Separately, NYC REIT said its board of directors have authorized the termination of the company’s real estate investment trust (REIT) status, which will be effective Jan. 1, 2023 when REIT status is terminated, which means the restrictions to ownership and transfer of shares would no longer apply. NYC REIT’s stock has plunged 83.8% over the past 12 months, while the SPDR Real Estate Select Sector ETF XLRE has dropped 19.7% and the S&P 500 SPX has lost 16.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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