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:
About Engine Capital
Engine Capital is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.
Engine Capital, L.P.
SOURCE Engine Capital, L.P.