Steel Partners Holdings L.P. Announces Extension of Effective Date for Reverse/Forward Unit Split
January 08 2024 - 7:58AM
Business Wire
Steel Partners Holdings L.P. (NYSE: SPLP), a Delaware limited
partnership (the “Company” or “Steel Partners”), announced today
that it will extend the effective date of its previously announced
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 now expected to become effective as of 5:00 p.m.
Eastern Time on January 11, 2024, and immediately thereafter, the
Forward Unit Split is expected to become effective as of 5:01 p.m.
Eastern Time on January 11, 2024 (as it may be further extended,
the “Effective Date”). The Company reserves the right to abandon,
modify or extend the Reverse/Forward Unit Split at any time prior
to the Effective Date.
The Company Common Units are expected to begin trading on a
split-adjusted basis when the market opens on January 12, 2024.
Certain holders of the Company’s Common Units who are employees
will have their Company Common Units excluded from the
Reverse/Forward Unit Split. If the Company further 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 2024 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/20240108757480/en/
Investor Relations Jennifer Golembeske 212-520-2300
jgolembeske@steelpartners.com
Steel Partners (NYSE:SPLP)
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