Under Armour has announced that its Board of Directors has approved the issuance of the company’s new Class C non-voting common stock. The Class C stock will be issued through a stock dividend on a one-for-one basis to all existing holders of Under Armour’s Class A and Class B common stock, which will have the same effect as a two-for-one stock split.
The shares of Class C stock will be distributed on or about 7 April 2016, to stockholders of record of Class A and Class B stock on 28 March 2016. Application to the New York Stock Exchange has been made to list the new Class C stock under the ticker symbol ‘UA.C’. Shares of Under Armour’s Class A stock will continue to trade under the ticker symbol ‘UA’.
This is effectively a stock split — as shareholders who previously had one share would have two shares. Class A shares will retain one stockholder vote per share. Class C shares will not have any voting rights. The Class A and Class C shares will be traded under the different ticker symbols, above, and their prices may vary over time.
Additional information is available via ‘Class C – Stock Info‘ section of Under Armour’s Investor Relations website at uabiz.com/investors.
