CMCT reports Q3 net loss $34.8M; receives Nasdaq delisting notice for bid price below $1.00

Creative Media & Community Trust Corp

2024-Q3 EPS reported -$2.20 vs consensus -$16246.81 ▲ beat (+100.0%)

Net loss attributable to common stockholders of $34.8M ($1.22 per diluted share) vs $22.9M loss in Q3 2023.
FFO attributable to common stockholders was $(28.4)M ($(1.00) per share); Core FFO $(11.5)M ($(0.40) per share.
Nasdaq notified CMCT that its common stock bid price closed below $1.00 for 30 consecutive days; 180-day cure period until May 6, 2025.
CEO announced advanced stages of refinancing several assets to repay corporate credit facility; focus shift to premier multifamily.
Redeemed 2.6M Series A1 and 2.2M Series A preferred shares for common stock; suspended Series A1 offering.

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