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Eros STX Global Corporation (NYSE:ESGC) ("ErosSTX", the "Company", "we" or "our") today announced that its Board of Directors has approved a one-for-twenty reverse split of its issued and outstanding A and B ordinary shares (the "Reverse Stock Split"). The Reverse Stock Split will become effective as of 5:00 p.m. Eastern Time on February 7, 2022 (the "Effective Date"), and the Company's A ordinary shares are expected to begin trading on a post-split basis when the market opens on February 8, 2022.
The Company's A ordinary shares will continue to trade on The New York Stock Exchange ("NYSE") under the symbol "ESGC." The new CUSIP number for the A ordinary shares following the Reverse Stock Split will be G3788R105.
The Reverse Stock Split is being implemented with the expectation that it will increase the market price per share of the Company's A ordinary shares, which is required for the Company to regain compliance with the NYSE's minimum trading price criteria for continued listing.
The Reverse Stock Split will reduce the number of A ordinary shares from 357.3 million to 17.9 million and the number of B ordinary shares from 21.7 million to 1.1 million. The Reverse Stock Split will not modify any rights or preferences of the Company's ordinary shares and there will be a proportionate adjustment in the par value per share.
No fractional shares will be issued in connection with the Reverse Stock Split. Shareholders who otherwise would be entitled to receive fractional shares will instead receive an amount of cash equal to the fraction of one share to which such holder would otherwise be entitled, multiplied by the average (after taking into account the ratio at which the Reverse Split is effected) of the intraday volume weighted average price ("VWAP") of the Company's A ordinary shares on the NYSE for the five trading days immediately preceding the Effective Date.
Computershare Trust Company, N.A. ("Computershare"), the Company's transfer agent, will act as the exchange agent for the Reverse Stock Split. Shareholders with certificated A ordinary shares will receive a letter of transmittal from Computershare with instructions on how to surrender certificates representing pre-split shares. Shareholders should not send in their pre-split certificates until they receive a letter of transmittal from Computershare. Shareholders with book-entry shares or who hold their shares through a bank, broker or other nominee will not need to take any action. Stockholders of record who held pre-split certificates will receive their post-split shares book-entry and will be receiving a statement from Computershare regarding their common stock ownership post-Reverse Stock Split.
Posted In: ESGC
