New York Mortgage Trust Completes One-for-four Reverse Stock Split

NEW YORK, March 09, 2023 (GLOBE NEWSWIRE) — New York Mortgage Trust, Inc. (Nasdaq: NYMT) today announced that it has completed the previously announced one-for-four reverse stock split of its issued, outstanding and authorized shares of common stock, par value $0.01 per share, effective at 12:01 a.m., New York City time today. Accordingly, at the Effective Time, every four issued and outstanding shares of Common Stock was converted into one share of Common Stock, with a proportionate reduction in the authorized shares of Common Stock, outstanding equity awards and number of shares remaining available for issuance under the Company’s 2017 Equity Incentive Plan. The par value of each share of Common Stock remained unchanged. The Common Stock will begin trading on a reverse split-adjusted basis on the Nasdaq Global Select Market at the opening of trading today, March 9, 2023. The Common Stock will continue trading on Nasdaq under the symbol “NYMT” with a new CUSIP number: 649604840.

No fractional shares were issued in connection with the Reverse Stock Split. Instead, each stockholder that would hold fractional shares as a result of the Reverse Stock Split is entitled to receive, in lieu of such fractional shares, cash in an amount based on the closing price of the Company’s common stock on Nasdaq on March 8, 2023. The Reverse Stock Split applied to all outstanding shares of Common Stock and therefore did not affect any stockholder’s ownership percentage of the Common Stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares. Stockholders of record will be receiving information from American Stock Transfer & Trust Company, the Company’s transfer agent (“AST”), regarding their stock ownership following the Reverse Stock Split and, if applicable, payments of cash in lieu of fractional shares. Stockholders who hold their shares in brokerage accounts or in “street name” are not required to take any action in connection with the Reverse Stock Split.

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets.