Star Equity Holdings Adopts Rights Agreement

Author: Benzinga Newsdesk | August 22, 2024 08:31am

The Rights Agreement, which is similar to tax benefit protection plans adopted by other public companies, is designed to preserve Star Equity's tax benefits by deterring transfers of Star Equity's common stock that could result in an "ownership change" under Section 382. In connection with the Rights Agreement, the Board has declared a share dividend to Company stockholders of record as of the close of business on August 19, 2024 (the "Record Date") allowing them to purchase one one-thousandth of a share of a new series of participating preferred stock of the Company at a specified exercise price, or of one right (a "Right") for each outstanding share of Star Equity's common stock.

Posted In: STRR