** Shares of photo distributor Shutterstock SSTK.N down 9% at $6.82 in extended trading

** Company says it is suspending future quarterly cash dividends as it looks to redirect capital to strengthen its financial position and drive long-term shareholder value

** SSTK says the move is part of an ongoing review of its capital allocation priorities

** Company also says Chief Accounting Officer Steven Ciardiello will step down from the role, effective August 28

** Shares down 61% YTD