Good morning, ladies and gentlemen. I'm Barry Berlin, CFO and Secretary of Creative Media & Community Trust Corporation, which, as you know, has a NASDAQ trading symbol of CMCT. I welcome you to the special meeting of CMCT's stockholders. I have appointed Louis Larsen, the representative of Broadridge, to act as the inspector of election for this meeting. I want to let you know that David Thompson, our CEO, and Steve Altebrando, CMCT's portfolio oversight, are virtually present.
I present to the meeting the following documents relating to the calling and convening of this special meeting of stockholders of the company: one, the notice of special meeting of stockholders dated March 6, 2025, with a proxy statement attached and a form of proxy. Two, the affidavit of mailing dated March 19, 2025, stating that the notice of special meeting, the proxy statement, and a proxy card were first mailed on March 6, 2025, to all stockholders of record as of the close of business on March 3, 2025. I can therefore confirm that notice of this meeting has been duly given and that a proxy statement has been furnished to every record holder of shares of Common Stock as of March 3, 2025. I have, as Secretary, arranged for the receipt and examination of proxies returned prior to the opening of the meeting.
We have approximately 9,072,000 shares, or approximately 68% of the outstanding shares, present in person or represented by proxy and entitled to vote at this meeting. I also report that the inspector of election has attested to me that the holders of more than 50% of the shares of Common Stock of the company outstanding and entitled to vote are represented in person or by proxy at this meeting, and therefore a quorum is present. Accordingly, I would like to officially convene the special meeting of CMCT's stockholders. The matters before this meeting are outlined in the notice of special meeting. As noted in the proxy statement, under Maryland law, only the matters outlined in the notice of special meeting will be brought before the special meeting.
As stated in the rules of conduct, if you desire to ask a question relating specifically to the proposals during the meeting, please type your question in the place designated on our virtual meeting website, and it will be addressed, to the extent appropriate, at the designated time. The polls are now open for voting on the following proposals. Stockholders who have voted by mail, mail proxy, telephone, or email do not need to vote again unless they wish to change their vote. The first proposal is the approval of the amendment to the company's charter to effect a reverse stock split of the company's common stock by a ratio of 1 to 25. The second proposal is the adjournment of the special meeting one or more times to solicit additional proxies if there are sufficient votes at the time of the meeting to approve the first proposal.
We will now answer any questions relating specifically to the proposals being considered. Steve, are there any questions that have been submitted?
No, there are no questions.
Okay. We will pause before closing the voting polls. Thank you. Everyone has had an opportunity to cast his or her ballot, and the polls are now closed. I have received the preliminary vote count from the inspector of election. According to the preliminary results provided to me by the inspector of election, I hereby report that proposal number one, the reverse stock split, has received the affirmative vote of a majority of the votes entitled to be cast and therefore has been duly approved. Proposal number two, the adjournment of the special meeting, has received the affirmative vote of a majority of the votes cast and therefore has been duly approved. However, as proposal number one has been duly approved, no adjournment of this special meeting to solicit additional proxies is necessary.
The final tally of the votes will be published within four business days in a current report on Form 8-K to be filed with the Securities and Exchange Commission. Having completed all the business to be properly brought before the special meeting of stockholders, I hereby adjourn the meeting. Thank you for your interest in CMCT.