Summary
This 8-K filing by Harris Corporation (now L3Harris Technologies) on March 30, 2005, primarily announces the completion of a two-for-one stock split, effective March 30, 2005. This split was executed as a 100% stock dividend, doubling the number of outstanding shares to approximately 133.4 million. This corporate action has consequential adjustments to various financial and contractual elements. Key impacts include adjustments to the conversion ratio of the company's 3.5% Convertible Debentures due 2022, lowering the exercise price of its stockholder protection rights, and restating historical diluted net income per share figures to reflect the split retroactively. The filing also notes that registration statements related to securities will be proportionally adjusted. For investors, this signifies a change in share count and per-share metrics, while the underlying equity value remains the same immediately post-split.
Key Highlights
- 1Completion of a two-for-one stock split (100% stock dividend) on March 30, 2005.
- 2Issued an additional 66,714,382 shares of Common Stock, increasing total outstanding shares to 133,428,764.
- 3Adjusted the conversion ratio for 3.5% Convertible Debentures due 2022 to 44.2404 shares per $1,000 principal amount.
- 4Reduced the exercise price of Stockholder Protection Rights from $125 to $62.50 per Right.
- 5Retroactively restated diluted net income per share for fiscal years 2001-2004 and certain quarters of fiscal 2004 and 2005.
- 6Registration statements for various securities and incentive plans have been proportionally adjusted to reflect the stock split.
- 7The filing includes attached exhibits such as a shareholder letter, notice of conversion rate adjustment, certificate of adjustment for rights, and restated EPS information.