Pennsylvania Real Estate Investment Trust
Extract: Charter Amendment (Plain English Desc) from a 8-K on 06/22/2022   Download
SEC Document
SEC Filing

Consistent with its previously disclosed intent, on June 15, 2022, Pennsylvania Real Estate Investment Trust (the “Company”), filed an amendment to the Trust Agreement (such amendment, the “Trust Agreement Amendment”) with the Commonwealth of Pennsylvania, to effectuate a reverse share split of its common shares, par value $1.00 per share (the “Common Shares”), at a ratio of 1-for-15 (the “Reverse Share Split” and such ratio, the “Reverse Share Split Ratio”) effective as of June 16, 2022 (the “Effective Date”).

The Reverse Share Split reduces the number of outstanding Common Shares as well as the authorized Common Shares in the same proportion. As a result, as of the Effective Date, the authorized number of Common Shares has been reduced from 200,000,000 Common Shares to 13,333,333 Common Shares. The Reverse Share Split also reduces the number of Common Shares subject to outstanding equity awards on the Effective Date by the Reverse Share Split Ratio and increases the exercise price per Common Share under outstanding options by dividing such exercise price by the Reverse Split Ratio.