LONDON, May 1, 2024 /PRNewswire/ -- Clarivate Plc (NYSE:
CLVT; CLVT PR A) ("Clarivate"), a leading global provider of
transformative intelligence, today announced that its board of
directors declared a quarterly dividend of $1.3125 per
share on its 5.25% Series A Mandatory Convertible Preferred Shares
(the "Preferred Shares"), payable in cash on June 3,
2024 to shareholders of record at the close of business
on May 15, 2024.
On the mandatory conversion date, which is scheduled to occur on
June 3, 2024, each Preferred Share
will automatically and mandatorily convert into a number of
ordinary shares of Clarivate (and cash in lieu of any fractional
ordinary shares) based on the average volume weighted average price
("VWAP") of Clarivate's ordinary shares over a 30-trading day
period that begins on, and includes, April
18, 2024 and is scheduled to end on, and include,
May 30, 2024 (the "valuation
period"). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will
be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii)
less than or equal to $31.20 but
equal to or greater than $26.00, then
the mandatory conversion rate will be a number of ordinary shares
of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii)
less than $26.00, then the mandatory
conversion rate will be 3.8462 ordinary shares of Clarivate per
Preferred Share. The mandatory conversion rate will be announced
following the end of the valuation period. The above description of
the terms of the Preferred Shares is not complete and is subject
to, and qualified in its entirety by reference to, the "Statement
of Rights" for the Preferred Shares, which is filed as Exhibit 3.2
to Clarivate's annual report on Form 10-K for the fiscal year ended
December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express management's current views
concerning future business, events, trends, contingencies,
financial performance, or financial condition, appear at various
places in this communication and may use words like "aim,"
"anticipate," "assume," "believe," "continue," "could," "estimate,"
"expect," "forecast," "future," "goal," "intend," "likely," "may,"
"might," "plan," "potential," "predict," "project," "see," "seek,"
"should," "strategy," "strive," "target," "will," and "would" and
similar expressions, and variations or negatives of these words.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
management's current beliefs, expectations, and assumptions
regarding the future of our business, future plans and strategies,
projections, anticipated events and trends, the economy, and other
future conditions. These forward-looking statements involve a
number of risks and uncertainties (some of which are beyond our
control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include those factors discussed under the caption "Risk Factors" in
our annual report on Form 10-K, along with our other filings with
the U.S. Securities and Exchange Commission ("SEC"). However, those
factors should not be considered to be a complete statement of all
potential risks and uncertainties. Additional risks and
uncertainties not known to us or that we currently deem immaterial
may also adversely affect our business operations. Forward-looking
statements are based only on information currently available to our
management and speak only as of the date of this communication. We
do not assume any obligation to publicly provide revisions or
updates to any forward-looking statements, whether as a result of
new information, future developments or otherwise, except as
otherwise required by securities and other applicable laws. Please
consult our public filings with the SEC or on our website at
www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative
intelligence. We offer enriched data, insights & analytics,
workflow solutions and expert services in the areas of Academia
& Government, Intellectual Property and Life Sciences &
Healthcare. For more information, please visit
www.clarivate.com.
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