Viad ( (VVI) ) has issued an update.
Viad Corp announced a mandatory conversion of its 5.5% Series A Convertible Preferred Stock into 6.7 million shares of common stock, following a rise in its stock price. The conversion, effective December 31, 2024, aims to simplify Viad’s capital structure and eliminate $8 million in annual dividend payments. This move precedes Viad’s strategic plans, including the sale of its GES business and rebranding as “Pursuit,” enhancing its focus on high-growth attractions and hospitality.
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