Steel Partners Holdings L.P. Announces Extension Of Effective Date For Reverse/Forward Unit Split; Common Units Are Expected To Begin Trading On A Split-Adjusted Basis When The Market Opens On January 12, 2024
Portfolio Pulse from Benzinga Newsdesk
Steel Partners Holdings L.P. (NYSE:SPLP) has announced the extension of the effective date for its Reverse/Forward Unit Split to January 11, 2024. The Reverse Unit Split will be at a ratio of 1-for-12,500, immediately followed by a 12,500-for-1 Forward Unit Split. Trading on a split-adjusted basis is expected to begin on January 12, 2024. Employee-held units will be excluded from the split, and fractional units will not be issued; instead, cash will be paid out. The transfer agent, Equiniti Trust Company, LLC, will handle the exchange and payment process.
January 08, 2024 | 2:15 pm
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Steel Partners Holdings L.P. has extended the effective date for its Reverse/Forward Unit Split to January 11, 2024, with split-adjusted trading to start on January 12, 2024. Employee-held units are excluded, and fractional units will be cashed out.
The extension of the Reverse/Forward Unit Split effective date is a procedural adjustment that does not fundamentally alter the company's value but may affect liquidity and market perception in the short term. The exclusion of employee-held units and the cash payout for fractional units are details that provide clarity for investors but are unlikely to have a significant impact on the stock price.
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