01—Abstract
Summary
Summary of the 8-K filed July 3, 2023. Cited figures are marked; the original filing is the authoritative source.
Coherent Corp. (COHR) has filed an 8-K report on July 3, 2023, primarily to announce the mandatory conversion of its 6.00%a Series A Mandatory Convertible Preferred Stock.
All outstanding preferred shares were converted into common stock and cash in lieu of fractional shares on the specified date, as per the terms outlined in the original Statement with Respect to Shares. Following this conversion, Coherent Corp. has notified the New York Stock Exchange (NYSE) to suspend trading of the preferred stock and to initiate the delisting process by filing Form 25 with the SEC.
The company also intends to file Form 15 to suspend its reporting obligations related to this preferred stock. These actions signify the complete retirement of the preferred stock and a streamlining of the company's capital structure.
02—Key points
Key Highlights
- Mandatory conversion of all outstanding 6.00% Series A Mandatory Convertible Preferred Stock occurred on July 3, 2023.
- Each share of preferred stock converted into 4.4523 shares of common stock, plus cash for fractional shares.
- The company has requested the NYSE to suspend trading and delist the preferred stock.
- Coherent Corp. will file a Form 25 with the SEC for the removal of the preferred stock from listing.
- The company intends to file a Form 15 with the SEC to suspend its reporting obligations concerning the preferred stock.
- Following the conversion, there are no outstanding shares of the Series A Mandatory Convertible Preferred Stock.
03—Questions
Frequently Asked Questions
What is the main event reported in this 8-K filing?
The main event is the mandatory conversion of Coherent Corp.'s 6.00% Series A Mandatory Convertible Preferred Stock into common stock and cash on July 3, 2023, as per the terms of the preferred stock agreement.
What happens to the preferred stock after the conversion?
The preferred stock is being delisted from the New York Stock Exchange (NYSE). Coherent Corp. has requested the NYSE to suspend trading and file the necessary forms with the SEC (Form 25) for removal. The company will also suspend its reporting obligations related to this stock by filing a Form 15.
How many shares of common stock will I receive for my preferred stock?
The conversion rate was set at 4.4523 shares of Coherent Corp.'s common stock for each share of preferred stock. Additionally, holders will receive cash in lieu of any fractional shares resulting from the conversion.
Does this delisting affect the trading of Coherent Corp.'s common stock?
No, this filing specifically concerns the delisting of the preferred stock. The common stock of Coherent Corp. is not affected by these actions and will continue to trade on the NYSE.
04—Continue