NEW YORK, April 26, 2013 /PRNewswire/ -- Capital Trust, Inc. (NYSE: CT) (the "Company") today announced that its board of directors has approved a reverse stock split of the Company's class A common stock at a ratio of 1-for-10. In addition, the Company announced that it expects to change its name to Blackstone Mortgage Trust, Inc. and its stock ticker symbol to "BXMT" concurrently with the consummation of the reverse stock split. The reverse stock split and name and ticker symbol changes are expected to take effect at about 5:01 p.m. (EDT) on May 6, 2013 (the "Effective Time").
Accordingly, at the Effective Time, every 10 shares of issued and outstanding class A common stock will be converted into 1 share of class A common stock. In addition, at the market open on May 7, 2013, the class A common stock is expected to trade under the symbol "BXMT" and will be assigned a new CUSIP number: 09257W 100.
As a result of the reverse stock split, the number of outstanding shares of class A common stock will be reduced to approximately 2,926,651. The number of authorized shares and the par value per share will remain unchanged. No fractional shares will be issued in connection with the reverse stock split.
Following the completion of the reverse stock split, the Company's transfer agent will aggregate all fractional shares that otherwise would have been issued as a result of the reverse stock split, and each of the stockholders holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount equal to such stockholder's pro rata percentage of the proceeds of the sale in one or more open market transactions of the aggregate of all such fractional shares. The reverse stock split will apply to all of the Company's outstanding class A common stock and therefore will not affect any stockholder's relative ownership percentage. The Company's stockholders will be receiving information from American Stock Transfer and Trust Company, LLC, the Company's transfer agent, regarding the mechanics of exchanging their share certificates and receiving cash in lieu of fractional shares.