Emerald to convert series A preferred stock on May 2

By Mary-Katherine Stinson

Lexington, Ky., April 18 – Emerald Holding, Inc. issued a notice of mandatory conversion for its series A convertible participating preferred stock (OTC: EEXAP), according to an 8-K filing with the Securities and Exchange Commission.

Emerald has exercised its right to mandate that all outstanding shares of series A convertible preferred stock will be converted to shares of Emerald’s common stock effective May 2.

As a result, each outstanding share of series A stock will be automatically converted into 1.97165806097004 shares of common stock. Cash will be paid in lieu of fractional shares.

The mandatory conversion was triggered because the company’s closing share price on the New York Stock Exchange exceeded $6.16 for at least 20 consecutive trading days.

Holders may convert their shares on a voluntary basis before the close of business on May 1.

As of April 18, there are 71,402,607 outstanding shares of series A stock outstanding. Up to 140,781,525 newly issued shares of common stock will be issued upon the mandatory conversion date, assuming there are no voluntary conversions before that date. Currently, there are 63,055,460 shares of common stock.

Following the mandatory conversion, no shares of series A preferred stock will remain outstanding.

New York City-based Emerald builds market-driven business-to-business platforms that integrate live events with an array of industry insights, digital tools and data-focused solutions to create experiences.

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