STAGWELL (NASDAQ: STGW) ANNOUNCES THE CONVERSION OF ITS PREFERRED STOCK SERIES 6 AND SERIES 8
NEW YORK, NY September 23, 2021 – Stagwell Inc. (Nasdaq: STGW) today announced that the company has elected to convert all of the outstanding shares of its Series 6 convertible preferred shares, with a par value of $ 0.001 per share (the “Preferred Shares of Series 6 â) and its convertible preferred shares Series 8, with a par value of $ 0.001 per share (theâ Preferred Shares Series 8 â). A conversion notice has been provided to each registered holder of the Company’s Series 6 and Series 8 Preferred Shares on September 23, 2021. The conversion will take place and take effect on October 7, 2021 (the âConversion Dateâ).
Pursuant to the Series 6 Notice, the 50,000 outstanding shares of Series 6 Preferred Shares will be converted into 12,086,700 Class A common shares of the Company, with a par value of $ 0.001 per share (the â Class A common shares â), on the conversion date. Pursuant to the Series 8 Notice, all of the outstanding 73,849 shares of the Series 8 preferred shares will be converted into 20,948,746 shares of the Class A common shares of the Company.
âWe believe that the conversion of the preferred shares is in the best interests of all common shareholders of Stagwell, as it eliminates any potential accumulation,â said Mark Penn, President and CEO of Stagwell Inc. âThis action contributes to complete the process we have undertaken to streamline and simplify Stagwell’s capital structure, making it a more investable company in the long term. ”
Class A common shares are issued in accordance with the exemption provided in section 3 (a) (9) of the Securities Act of 1933, as amended, for securities traded by the Company and holders of existing securities when no commission or other compensation is paid or given directly or indirectly by the Company to solicit such an exchange.
About Stagwell Inc.
Stagwell (NASDAQ: STGW) is the challenger holding company designed to transform marketing. We deliver creative performance at scale for the world’s most ambitious brands, connecting cultural creativity with cutting-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 10,000+ specialists in more than 30 countries are united around one goal: to increase efficiency and improve business results for their clients. Join us on www.StagwellGlobal.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which include statements regarding the Company’s current intentions or expectations regarding, among other things, the achievement, timing and the potential benefits of converting the Series 6 Preferred Shares and the Series 8 Preferred Shares. Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those expected or suggested by the statements prospective.
Stagwell Inc. published this content on September 23, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 23, 2021 01:31:05 PM UTC.