Steel Partners Holdings L.P. Announces Reverse/Forward Unit Split
December 14 2023 - 6:20PM
Business Wire
Steel Partners Holdings L.P. (NYSE: SPLP), a Delaware limited
partnership (the “Company” or “Steel Partners”), announced today
that it will effect a 1-for-12,500 reverse unit split (“Reverse
Unit Split”) of its common units, no par value (the “Company Common
Units”), followed immediately by a 12,500-for-1 forward unit split
of the Company Common Units (the “Forward Unit Split,” and,
together with the Reverse Unit Split, the “Reverse/Forward Unit
Split”). The Reverse Unit Split is expected to become effective as
of 5:00 p.m. Eastern Time on January 8, 2024, and immediately
thereafter, the Forward Unit Split is expected to become effective
as of 5:01 p.m. Eastern Time on January 8, 2024 (as it may be
extended, the “Effective Date”). The Company Common Units will
continue to trade on The New York Stock Exchange (“NYSE”) under the
existing symbol “SPLP” and is expected to begin trading on a
split-adjusted basis when the market opens on January 9, 2024. The
Company Common Units will be assigned a new CUSIP number following
the Reverse/Forward Unit Split. Certain holders of the Company’s
Common Units who are employees will have their Company Common Units
excluded from the Reverse/Forward Unit Split. The Company reserves
the right to abandon the Reverse/Forward Unit Split at any time
prior to the Effective Date. If the Company extends the Effective
Date to a later date, the Company will disclose such extension via
press release and/or a current report on Form 8-K prior to the
Effective Date.
No fractional units will be issued in connection with the
Reverse/Forward Unit Split. Instead, the Company will pay cash
(without interest) to any unitholder who would be entitled to
receive a fractional unit as a result of the Reverse/Forward Unit
Split. Unitholders who hold fewer than 12,500 units immediately
prior to the Reverse Unit Split will be paid in cash (without
interest) an amount equal to such number of Company Common Units
held multiplied by volume-weighted average price for the ten
consecutive trading days immediately preceding the effective date
of the Reverse/Forward Unit Split.
The Company’s transfer agent, Equiniti Trust Company, LLC, will
serve as exchange and paying agent for the Reverse/Forward Unit
Split. Registered unitholders holding pre-split Company Common
Units electronically in book-entry form are not required to take
any action to receive post-split units. Unitholders owning Common
Units via a broker, bank, trust or other nominee will have their
positions automatically adjusted to reflect the Reverse/Forward
Unit Split, subject to such broker’s particular processes, and will
not be required to take any action in connection with the
Reverse/Forward Unit Split.
About Steel Partners Holdings L.P. Steel Partners
Holdings L.P. is a diversified global holding company that owns and
operates businesses and has significant interests in leading
companies in various industries, including diversified industrial
products, energy, defense, supply chain management and logistics,
banking and youth sports.
Forward-Looking Statements This press release contains
certain "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, that reflect the
Company’s current expectations and projections about its future
results, performance, prospects and opportunities. The Company
identifies these forward-looking statements by using words such as
"expect," "anticipate," "intend," "plan," "believe," "seek,"
"estimate," and similar expressions. These forward-looking
statements are only predictions based upon the Company's current
expectations and projections about future events, and are based on
information currently available to the Company and are subject to
risks, uncertainties, and other factors that could cause its actual
results, performance, prospects, or opportunities in 2023 and
beyond to differ materially from those expressed in, or implied by,
these forward-looking statements. These factors include, without
limitation, risk factors detailed from time to time in filings the
Company makes with the Securities and Exchange Commission,
including the Company's Form 10-K for the year ended December 31,
2022 and subsequent quarterly reports on Form 10-Q and annual
reports on Form 10-K. Any forward-looking statement made in this
press release speaks only as of the date hereof, and investors
should not rely upon forward-looking statements as predictions of
future events. Except as otherwise required by law, the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changed circumstances, or any other reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20231214657191/en/
Investor Relations Jennifer Golembeske 212-520-2300
jgolembeske@steelpartners.com
Steel Partners (NYSE:SPLP)
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