CMCT Stock More Than Doubles Pre-Market Today: Here’s Why
Synopsis
The deal, based on asset values as of September 30, is expected to total approximately $44 million.
- Creative Media has agreed to divest its lending business to PG FR Holding, LLC.
- Following the announcement, the company’s stock rose by over 110% in Wednesday’s premarket.
Creative Media & Community Trust (CMCT) stock more than doubled in Wednesday’s premarket after the company announced that it has signed a definitive agreement to divest its lending business to PG FR Holding, LLC.
Creative Media & Community’s stock traded over 122% higher in Wednesday’s premarket. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory amid ‘extremely high’ message volume levels.
Strategic Shift Toward Multifamily Growth
The deal, based on asset values as of September 30, is expected to total approximately $44 million, net of existing securitized loan debt.
CMCT anticipates receiving roughly $31 million in net proceeds after accounting for debt repayments, transaction-related costs, and other adjustments. The sale aligns with the company’s ongoing strategy to refocus its business around its core real estate holdings, particularly its multifamily portfolio.
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