Arconic Announces Mandatory Conversion of Its 5.375% Class B Mandatory Convertible Preferred Stock
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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arconic.com/global/en/investors/overview.asp
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)-- Arconic Inc. (“Arconic” or the “Company”) (NYSE: ARNC) announced today that all its outstanding 5.375% Class B Mandatory Convertible Preferred Stock, Series 1, par value $1.00 per share (“Class B preferred stock”), will automatically convert into shares of Arconic common stock at a rate of 15.6996 common shares per share of Class B preferred stock, with deemed effect on October 1, 2017, the mandatory conversion date. On October 2, 2017, the first business day following the mandatory conversion date, holders of the depositary shares (NYSE: ARNC.PB), each representing one-tenth (1/10th) interest in one share of the Class B preferred stock, will receive 1.56996 Arconic common shares for each depositary share. Cash will be paid in lieu of fractional common shares. No action by holders of the depositary shares is required in connection with the conversion. As of September 27, 2017, ther
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