Global Medical REIT Inc. (NYSE: GMRE) has recently completed a one-for-five reverse stock split of its issued, outstanding, and authorized shares of common stock. This reverse stock split has resulted in a proportionate reduction in the company's authorized shares of common stock from 500,000,000 shares to 100,000,000 shares and reduced the number of shares of common stock outstanding from 67,037,048 shares to approximately 13,407,409 shares. The common stock will continue trading on the NYSE under the symbol "GMRE" with a new CUSIP number: 37954a303.
Following the reverse stock split, the aggregate number of shares authorized for repurchase under the company’s stock repurchase program, the aggregate number of shares issuable under the company’s equity incentive plan, the outstanding equity awards granted under the company’s equity incentive plan, and the outstanding partnership units of Global Medical REIT L.P., the company’s operating partnership, were ratably adjusted to reflect the reverse stock split.
Furthermore, no fractional shares were issued in connection with the reverse stock split. Instead, each stockholder that would hold fractional shares as a result of the reverse stock split is entitled to receive cash in an amount based on the closing price of the company's common stock on the NYSE. This reverse stock split applied to all outstanding shares of common stock and did not affect any stockholder’s ownership percentage of the common stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares.
As a net-lease medical REIT, Global Medical REIT Inc. acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems.
The company's website, www.globalmedicalreit.com, provides additional information on Global Medical REIT Inc. Following these announcements, the company's shares moved -2.59%, and are now trading at a price of $7.53. For the full picture, make sure to review Global Medical REIT's 8-K report.
