Richard S. Ressler - Jun 25, 2021 Form 4 Insider Report for CIM Commercial Trust Corp (CMCT)

Role
Director, 10%+ Owner
Signature
/s/ David Thompson, attorney in fact
Stock symbol
CMCT
Transactions as of
Jun 25, 2021
Transactions value $
$56,044,437
Form type
4
Date filed
6/29/2021, 08:08 PM
Previous filing
Jun 15, 2021
Next filing
Jul 6, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CMCT Common Stock Exercise of out-of-the-money derivative security $48.3M +5.22M +201.82% $9.25 7.81M Jun 25, 2021 CIM Service Provider, LLC F1, F2, F3
transaction CMCT Common Stock Exercise of out-of-the-money derivative security $2.93M +316K +201.82% $9.25 473K Jun 25, 2021 CIM Urban Sponsor, LLC F1, F2, F3
transaction CMCT Common Stock Exercise of out-of-the-money derivative security $3.8M +410K +201.82% $9.25 614K Jun 25, 2021 CIM Capital, LLC F1, F2, F3
transaction CMCT Common Stock Exercise of out-of-the-money derivative security $1.04M +112K +1100% $9.25 123K Jun 25, 2021 See footnote (4) F1, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CMCT Subscription Rights (right to buy) Exercise of out-of-the-money derivative security $0 -2.59M -100% $0.00* 0 Jun 25, 2021 Common Stock 2.59M $9.25 CIM Service Provider, LLC F1, F3
transaction CMCT Subscription Rights (right to buy) Exercise of out-of-the-money derivative security $0 -157K -100% $0.00* 0 Jun 25, 2021 Common Stock 157K $9.25 CIM Urban Sponsor, LLC F1, F3
transaction CMCT Subscription Rights (right to buy) Exercise of out-of-the-money derivative security $0 -203K -100% $0.00* 0 Jun 25, 2021 Common Stock 203K $9.25 CIM Capital, LLC F1, F3
transaction CMCT Subscription Rights (rights to buy) Exercise of out-of-the-money derivative security $0 -10.2K -100% $0.00* 0 Jun 25, 2021 Common Stock 10.2K $9.25 See footnote (4) F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On June 10, 2021, the issuer commenced a rights offering pursuant to which the issuer distributed non transferable subscription rights (the "Subscription Rights") to holders of record of its common stock as of 4:00 p.m., New York Time, on June 11, 2021. Each eligible recordholder received one Subscription Right for each share of common stock held of record by such holder as of the record date. Each Subscription Right entitled its holder, subject to certain limitations and conditions, to purchase one share of common stock at a subscription price of $9.25 per share. Holders of Subscription Rights that exercised in full such basic subscription rights were entitled, subject to certain limitations and conditions, to oversubscribe for additional shares of common stock that remained unsubscribed for in the rights offering. The rights offering expired on June 23, 2021 and the Company announced the results of the offering on June 25, 2021.
F2 Each of CIM Service Provider, LLC, CIM Urban Sponsor, LLC and CIM Capital, LLC exercised in full its Subscription Rights, and exercised oversubscription rights in respect of, and was allocated, an additional 2,633,379 shares of common stock, 159,577 shares of common stock and 207,045 shares of common stock, respectively.
F3 CIM Group, LLC is the sole equity member of the entity through which these shares are held. The reporting person may be deemed to beneficially own all of these shares because of his position with CIM Group, LLC. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
F4 Shares are held by the subsidiary of a trust formed by the reporting person for the benefit of his family members for which the reporting person serves as trustee. Such subsidiary exercised in full its Subscription Rights, and exercised oversubscription rights in respect of, and was allocated, an additional 102,190 shares of common stock.