On May 8, 2023, Creative Media & Community Trust Corporation announced that on May 3, 2023, Company?s board of directors unanimously determined that the $8.88 per share price proposed by Daniel M Negari is not in the best interests of Company or its shareholders and, as Negari effectively acknowledged in his letter, substantially undervalues the Company. In addition, the Company stated that its board also determined that Negari?s proposal is not credible given that he does not have committed financing to pay either his proposed purchase price to holders of Company common shares or Company?s obligations with respect to its debt and preferred stock that would become payable and redeemable, as the case may be, upon completion of a transaction. Company remains focused on executing its business plan to create value for its shareholders in the long term.