Garrett Motion Declares Cash Dividend on Series A Preferred Stock
September 08 2022 - 3:20PM
Garrett Motion Inc. (Nasdaq: GTX,
GTXAP), a leading differentiated automotive technology
provider, today announced that the third quarter dividend for the
Series A 11% PIK Preferred Stock will be made in cash and is in
lieu of allowing the third quarter dividend to accrete. On
September 8, 2022, the Disinterested Directors Committee of the
Board of Directors of Garrett declared a quarterly cash dividend of
$0.17 per share, which will be paid on October 3, 2022 to holders
of record as of the close of business on September 23, 2022.
“Consistently generating cash even in a volatile market, has
allowed Garrett to significantly deleverage as we continue to make
progress toward a full capital structure normalization,” said
Olivier Rabiller, Garrett President and CEO. “Now that we have
fully repaid the Series B preferred stock, we are going to use cash
generated by the business to pay the third quarter Series A
dividend and reduce the impact of compounding interest, as well as
future dilution at conversion.”
About Garrett Motion Inc.
Garrett Motion is a differentiated technology leader, serving
customers worldwide for more than 65 years with passenger vehicle,
commercial vehicle, aftermarket replacement and performance
enhancement solutions. Garrett’s cutting-edge technology enables
vehicles to become cleaner, more efficient and connected. Our
portfolio of turbocharging, electric boosting and automotive
software solutions empowers the transportation industry to redefine
and further advance motion. For more information, please visit
www.garrettmotion.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of fact, that address
activities, events or developments that we or our management
intend, expect, project, believe or anticipate will or may occur in
the future are forward-looking statements including, without
limitation, our statements regarding our capital structure.
Although we believe forward-looking statements are based upon
reasonable assumptions, such statements involve known and unknown
risks, uncertainties, and other factors, which may cause the actual
results or performance of Garrett to be materially different from
any future results or performance expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
but are not limited to those described in our annual report on Form
10-K for the year ended December 31, 2021 and our quarterly reports
on Form 10-Q for the quarters ended March 31, 2022 and June 30,
2022, as well as our other filings with the Securities and Exchange
Commission, under the headings “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements.” You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this document. Forward-looking
statements are not guarantees of future performance, and actual
results, developments and business decisions may differ from those
envisaged by our forward-looking statements.
Contacts: |
Media |
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Investor Relations |
Christophe Mathy |
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Paul Blalock |
+41 786 43 71 94 |
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+1 862 812-5013 |
christophe.mathy@garrettmotion.com |
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paul.blalock@garrettmotion.com |
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