Summary
Boston Scientific Corporation (BSX) announced the mandatory conversion of all its outstanding 5.50% Mandatory Convertible Preferred Stock, Series A, into shares of its common stock. This event, which occurred on June 1, 2023, resulted in approximately 24 million shares of common stock being issued to former preferred stockholders. The conversion rate was fixed at 2.3834 shares of common stock per share of preferred stock, with cash paid for any fractional shares. This mandatory conversion effectively eliminates the preferred stock, simplifying the company's capital structure. As a consequence of this conversion, Boston Scientific has requested the delisting of its preferred stock from the New York Stock Exchange (NYSE) and its deregistration under the Securities Exchange Act of 1934. This action signifies the full transition from preferred to common equity for this specific series.
Key Highlights
- 1All outstanding 5.50% Mandatory Convertible Preferred Stock, Series A, has been mandatorily converted into common stock.
- 2The conversion occurred on June 1, 2023 (Mandatory Conversion Date).
- 3Approximately 24 million shares of common stock were issued as a result of the conversion.
- 4The fixed conversion rate was 2.3834 shares of common stock per share of preferred stock.
- 5No further action was required from preferred stockholders for the conversion.
- 6Cash was issued in lieu of fractional shares.
- 7The preferred stock will be delisted from the New York Stock Exchange (NYSE) and deregistered.