Capital Product Partners L.P. Announces the Effective Date of Its One-For-Seven Reverse Unit Split
Formal notice of the Reverse Split is being sent to unitholders of the Partnership. Electronic copies of the materials are accessible on the Partnership’s website at http://ir.capitalpplp.com/.
The Partnership previously announced its intention to effect a reverse unit split in connection with the definitive agreement it entered into with
Pursuant to the Reverse Split, every seven CPLP common units issued and outstanding as of the date of the Reverse Split will be converted into one CPLP common unit. The Reverse Split will be effective, subject to the prior completion of the Spin-Off, on
The Reverse Split will affect all common unitholders uniformly and will not alter any common unitholder percentage ownership interest in the Partnership, except to the extent that the Reverse Split results in any of the Partnership’s common unitholders owning a fractional unit. On the effective date of the Reverse Split, the number of issued and outstanding CPLP general partner units will be reduced pursuant to the same one-for-seven combination factor.
No fractional shares will be issued in connection with the Reverse Split. In accordance with its limited partnership agreement, instead of issuing fractional shares, the Partnership has instructed
The Reverse Split will reduce the number of common units issued and outstanding from 127,246,692 to approximately 18,178,100 common units and the number of general partner units issued and outstanding from 2,439,989 to 348,570 general partner units.
Holders of CPLP common units in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the Reverse Split, as every seven CPLP common units (CUSIP #
For more information about the Partnership, please visit the Partnership’s website: www.capitalpplp.com.
The statements in this press release that are not historical facts, including, among other things, the consummation of the Reverse Split and the transaction with DSS (the “Transaction”), are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Insofar as the Transaction is concerned, these risk and uncertainties include, among others: (1) the risk that the Transaction may not be completed on terms or in the timeframe expected by DSS or CPLP or at all; (2) the possibility that various closing conditions to the Transaction may not be satisfied or waived; and (3) the risk that committed financing may not be available or may not be available in an amount sufficient, together with cash to be procured by DSS, to complete the Transaction. For further discussion of factors that could materially affect the outcome of forward-looking statements and other risks and uncertainties, see “Risk Factors” in CPLP’s annual report filed with the
Tel. +30 (210) 4584 950
Tel. +30 (210) 4584 950
Investor Relations / Media
Source: Capital Product Partners, L.P.