Engine Capital Issues Open Letter To Board Of CIM Commercial Trust

NEW YORK, May 18, 2020 /PRNewswire/ -- Engine Capital LP (together with its affiliates, "Engine"), a significant stockholder of CIM Commercial Trust Corporation (the "Company") (NASDAQ: CMCT), with ownership of approximately 6.2% of the Company's outstanding shares, today issued an open letter to the Company's Board of Directors (the "Board"). In the letter, Engine expressed its concerns that the Board may be favoring the interests of the Company's external operator and administrative services provider to the detriment of the Company's stockholders. Given the significant discount to net asset value that the Company's shares trade, Engine called on the Board to immediately stop any plans to raise equity at this point in time, and expressed its belief that a liquidation or a sale represents the best risk-adjusted path forward for stockholders.

The full text of Engine's letter to the Board can be viewed at the following link:

CMCT - Letter to Board - May 18, 2020

About Engine Capital

Engine Capital is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

Investor contact:
Engine Capital, L.P.
Arnaud Ajdler
(212) 321-0048
aajdler@enginecap.com

Cision View original content:http://www.prnewswire.com/news-releases/engine-capital-issues-open-letter-to-board-of-cim-commercial-trust-301060537.html

SOURCE Engine Capital, L.P.

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