Summary
This 8-K filing from Ford Motor Company reports on the sale of 362,391,305 warrants by the UAW Retiree Medical Benefits Trust (UAW VEBA) on April 6, 2010. These warrants represent the right to purchase Ford common stock at an exercise price of $9.20 per share and expire on January 1, 2013. The UAW VEBA sold these warrants for $5.00 each, raising approximately $1.78 billion in aggregate net proceeds. It's important for investors to note that Ford Motor Company itself did not receive any proceeds from this warrant offering.
Key Highlights
- 1UAW VEBA sold 362,391,305 warrants to purchase Ford common stock.
- 2Each warrant has an exercise price of $9.20 per share.
- 3The warrants expire on January 1, 2013.
- 4The offering price for each warrant was $5.00.
- 5The UAW VEBA raised approximately $1.78 billion in net proceeds from the sale.
- 6Ford Motor Company did not receive any proceeds from this warrant offering.
- 7An Amended and Restated Warrant Agreement was entered into, changing settlement methods to net share settlement only and easing certain transfer restrictions.