NEW YORK--(BUSINESS WIRE)--Standard Diversified Inc. (“Standard Diversified,” “SDI” or the “Company”) is providing notice to remind holders of Class B Common Stock of the right, upon written notice to the Company, to voluntarily convert (the “Voluntary Conversion”) their shares of Class B Common Stock into an equal number of shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A Common Stock” or “Class A”). This is noteworthy as the Company’s Class A Common Stock is now listed on the NYSE American stock exchange under the symbol “SDI,” and will be available to trade this Wednesday, April 25th.
Over the last few weeks, the Company has received a number of inquiries regarding the Class B Common Stock, specifically as it relates to the conversion process and electronic holdings. The Class B Common Stock is held in book entry form at the Company’s transfer agent and is not eligible to be held electronically in a broker account. The Class B Common Stock is not listed on the NYSE American or any other exchange. Under the Company’s Sixth Amended and Restated Certificate of Incorporation, holders of Class B Common Stock cannot be transferred (except in very limited circumstances). Any attempted transfer would result in the automatic conversion of the Class B into Class A.
Existing holders that wish to hold their shares electronically or transfer their Class B shares may convert Class B shares by sending a completed conversion notice to the Company (available on its website at http://standarddiversified.com/class-b-common-stock-faq/). If shares of Class B are held with a broker, the broker can assist in this process. Please note there is no obligation to convert shares of Class B, or to take any other action at this time.
SDI would like to highlight that the Class A shares and Class B shares are identical in substantially all respects, except that the shares of Class B Common Stock are each entitled to 10 votes per share, while the shares of Class A Common Stock are each entitled to 1 vote per share. The two classes vote together as a single class, so the Class B shares have substantially more voting power.
About Standard Diversified Inc.
Standard Diversified Inc. is a holding company that owns and operates subsidiaries in a variety of industries, including insurance, other tobacco products and outdoor advertising. For more information about the Company, please visit the Company’s website at www.standarddiversified.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, are forward-looking statements. These forward-looking statements address, among other things activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the Company’s expected acquisition activity. These forward-looking statements are subject to a number of risks that could cause actual results to differ materially from those contained in the forward-looking statements, including those risks described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission.
Currently unknown or unanticipated risks, or risks that emerge in the future, could cause actual results to differ materially from those described in forward-looking statements, and it is not possible for the Company to predict all such risks, or the extent to which this may cause actual results to differ from those contained in any forward-looking statement. Except as required by law, the Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise.