Emerald Expositions Events Inc (EEX) has released an update.
Emerald Holding, Inc. has received a six-month waiver from OPV Gem Aggregator LP allowing for the conversion of preferred stock into common stock without the need for the shares to be immediately freely tradeable, as previously required. This waiver enables a Mandatory Conversion despite the absence of a registration statement, which is usually needed due to OPV Aggregator’s ‘control’ status under securities law. Independent board members of Emerald Holding have authorized this conversion, pending the fulfillment of certain stock price conditions, although there is no certainty on when these conditions will be met. The waiver does not impact other preferred stockholders’ rights or existing registration rights agreements.
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