On September 27, 2023, Daniel M. Negari issued an open letter to the Board of Directors of Creative Media & Community Trust Corporation reiterating his proposal, initially made on April 17, 2023, to acquire all of the outstanding shares of the Company for $8.88 per share in cash, representing a substantial premium of over 119% to the Company?s most recent closing price of $4.05 and nearly 112% to the Company?s 30-day average closing price of $4.194. In addition to reiterating the proposal, Daniel M. Negari detailed alternative strategies for the Board to consider to enhance shareholder value should the Board continue to refuse to commence a sales process, including (i) the immediate sale of non-core assets and repurchasing shares or (ii) disposing of all assets and returning capital to shareholders.
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