Summary
This filing is an amendment to a previous 8-K and serves to confirm the completion of Northrop Grumman Corporation's redemption of its Series B Convertible Preferred Stock. The redemption was completed on April 4, 2008. Investors who held this preferred stock received shares of Northrop Grumman's common stock in exchange. This action effectively retired the preferred stock and increased the number of outstanding common shares. The amendment provides details on the redemption process, including the conversion ratio and the total number of common shares issued as a result of both the redemption and prior elections by preferred stockholders to convert their shares. For investors, this event signifies a change in the capital structure and potentially impacts earnings per share due to the increased number of common shares outstanding.
Key Highlights
- 1Northrop Grumman Corporation completed the redemption of its Series B Convertible Preferred Stock on April 4, 2008.
- 2Holders of Series B Convertible Preferred Stock received 1.299246 shares of common stock for each share of preferred stock redeemed.
- 3Approximately 17,947 shares of preferred stock were redeemed.
- 4An estimated 23,300 shares of common stock were issued as part of the redemption.
- 5Prior to redemption, approximately 6,345,000 shares of common stock were issued from the conversion of 3,482,053 shares of preferred stock.
- 6In total, approximately 6,368,300 shares of common stock were issued due to the combined redemption and conversion activity.
- 7This filing amends a prior report filed on February 21, 2008.