Charles E Garner, PMC Commercial Trust's Chief Executive Officer, recently acquired 20,000 shares of the company. The buys took place at $0.00 per share (and therefore, likely the result of option or restricted share grants), on November 21, 2016. Garner now owns 20,000 shares of the company. Garner operates out of Los Angeles, CA. Some additional info was provided as follows:
Reporting Person purchased 20,000 units ("Units") offered by CIM Commercial Trust Corporation ("CMCT"), with each Unit consisting of one share of Series A Preferred Stock of CMCT with an initial stated value of $25 per share (the "Preferred Stock") and (ii) one warrant to purchase 0.25 of a share of CMCT common stock (the "Warrant"). The Units were purchased at a price of $25 per Unit.
ber excludes the Units consisting of Preferred Shares and Warrants described in Note 1 above. The exercise price of each Warrant is equal to a 15% premium to the fair market net asset value of CMCT per share of common stock as most recently published by CMCT at the time of issuance of the Warrants (the "Applicable NAV"). The Applicable NAV as disclosed in CMCT's Amendment No. 1 to Form S-11 filed on September 21, 2016 is $23.20 per share of CMCT common stock.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
To receive a free e-mail notification whenever PMC Commercial Trust makes a similar move, sign up!