Falcon’s Beyond Announces Stock Dividend and Appoints New Audit Committee Member
Falcon's Beyond Global (Nasdaq: FBYD) has announced a stock dividend and the cancellation of performance-based earnout shares. The company will issue a stock dividend of 0.2 shares of Class A common stock per share, payable on December 17, 2024, to holders of record as of December 10, 2024. This move is expected to result in the issuance of approximately 2.0 million Class A shares and 11.5 million Class B shares.
Additionally, Falcon's Beyond has forfeited and cancelled 17.5 million performance-based earnout shares to reduce company liabilities and simplify its balance sheet. The company also appointed Gino P. Lucadamo to the Audit Committee. These actions aim to optimize the company's capital structure and enhance shareholder value as Falcon's approaches its first anniversary as a publicly listed company on Nasdaq.
Falcon's Beyond Global (Nasdaq: FBYD) ha annunciato un dividendo azionario e la cancellazione delle azioni di earnout legate alle performance. L'azienda emetterà un dividendo azionario di 0.2 azioni di azioni ordinarie di classe A per ogni azione, pagabile il 17 dicembre 2024, agli azionisti registrati al 10 dicembre 2024. Questa mossa dovrebbe portare all'emissione di circa 2.0 milioni di azioni di classe A e 11.5 milioni di azioni di classe B.
Inoltre, Falcon's Beyond ha annullato e cancellato 17.5 milioni di azioni di earnout legate alle performance per ridurre le passività aziendali e semplificare il proprio bilancio. L'azienda ha anche nominato Gino P. Lucadamo nel Comitato di Revisione. Queste azioni mirano a ottimizzare la struttura del capitale dell'azienda e aumentare il valore per gli azionisti, mentre Falcon's si avvicina al suo primo anniversario come società quotata in borsa su Nasdaq.
Falcon's Beyond Global (Nasdaq: FBYD) ha anunciado un dividendo en acciones y la cancelación de acciones de earnout basadas en el rendimiento. La compañía emitirá un dividendo en acciones de 0.2 acciones de acciones ordinarias de clase A por cada acción, pagadero el 17 de diciembre de 2024, a los accionistas registrados a partir del 10 de diciembre de 2024. Se espera que este movimiento resulte en la emisión de aproximadamente 2.0 millones de acciones de clase A y 11.5 millones de acciones de clase B.
Adicionalmente, Falcon's Beyond ha anulado y cancelado 17.5 millones de acciones de earnout basadas en el rendimiento para reducir las obligaciones de la empresa y simplificar su balance. La compañía también ha nombrado a Gino P. Lucadamo en el Comité de Auditoría. Estas acciones tienen como objetivo optimizar la estructura de capital de la compañía y aumentar el valor para los accionistas a medida que Falcon's se aproxima a su primer aniversario como empresa que cotiza en Nasdaq.
Falcon's Beyond Global (Nasdaq: FBYD)는 주식 배당금과 성과 기반의 보상 주식 취소를 발표했습니다. 회사는 주주에게 주식 배당금 0.2주를 지급할 예정이며, 이는 2024년 12월 17일에 지급되고, 2024년 12월 10일 기준으로 등록된 주주에게 제공됩니다. 이 조치는 약 200만 주의 A 클래스 주식과 1150만 주의 B 클래스 주식이 발행될 것으로 예상됩니다.
또한, Falcon's Beyond는 회사의 부채를 줄이고 재무제표를 단순화하기 위해 1750만 주의 성과 기반 보상 주식을 포기하고 취소했습니다. 이 회사는 Gino P. Lucadamo를 감사위원회에 임명했습니다. 이러한 조치는 회사의 자본 구조를 최적화하고 주주 가치를 높이는 것을 목표로 하며, Falcon's는 Nasdaq에 상장된 지 1주년을 맞이하고 있습니다.
Falcon's Beyond Global (Nasdaq: FBYD) a annoncé un dividende en actions et l'annulation des actions de performance. La société émettra un dividende en actions de 0.2 actions d'actions ordinaires de classe A par action, payable le 17 décembre 2024, aux actionnaires enregistrés au 10 décembre 2024. Cette mesure devrait entraîner l'émission d'environ 2.0 millions d'actions de classe A et 11.5 millions d'actions de classe B.
De plus, Falcon's Beyond a annulé et supprimé 17.5 millions d'actions de performance pour réduire les passifs de l'entreprise et simplifier son bilan. La société a également nommé Gino P. Lucadamo au Comité d'Audit. Ces actions visent à optimiser la structure du capital de l'entreprise et à augmenter la valeur pour les actionnaires alors que Falcon's s'approche de son premier anniversaire en tant qu'entreprise cotée à la bourse Nasdaq.
Falcon's Beyond Global (Nasdaq: FBYD) hat eine Aktiendividende und die Streichung leistungsbezogener Earnout-Aktien angekündigt. Das Unternehmen wird eine Aktiendividende von 0.2 Aktien der Stammaktien der Klasse A pro Aktie ausgeben, die am 17. Dezember 2024 an die Aktionäre ausgezahlt wird, die am 10. Dezember 2024 registriert sind. Diese Maßnahme wird voraussichtlich zur Ausgabe von etwa 2.0 Millionen Aktien der Klasse A und 11.5 Millionen Aktien der Klasse B führen.
Darüber hinaus hat Falcon's Beyond 17.5 Millionen leistungsbasierte Earnout-Aktien verfallen und storniert, um die Unternehmensverbindlichkeiten zu reduzieren und die Bilanz zu vereinfachen. Das Unternehmen hat auch Gino P. Lucadamo in den Prüfungsausschuss berufen. Diese Maßnahmen zielen darauf ab, die Kapitalstruktur des Unternehmens zu optimieren und den Wert für die Aktionäre zu steigern, da Falcon's sich dem ersten Jahrestag als börsennotiertes Unternehmen an der Nasdaq nähert.
- Declaration of stock dividend of 0.2 shares per Class A common stock
- Cancellation of 17.5 million performance-based earnout shares to reduce liabilities
- Appointment of Gino P. Lucadamo to the Audit Committee
- Streamlining of financial statements to enhance shareholder value
- Potential dilution of existing shareholders due to stock dividend issuance
Insights
The announcement of a stock dividend and cancellation of performance-based earnout shares represents a significant move for Falcon's Beyond. The 0.2 shares stock dividend for each Class A common share translates to a
The cancellation of 17.5 million performance-based earnout shares is a strategic decision to simplify the company's balance sheet. This action removes a contingent liability, which could improve financial ratios and make the company more attractive to investors. However, it also suggests that management may not expect to meet the original EBITDA and revenue targets set during the de-SPAC transaction.
The appointment of Gino P. Lucadamo to the Audit Committee adds industry experience, potentially enhancing corporate governance. Overall, these moves indicate a focus on streamlining operations and improving shareholder value as Falcon's approaches its first anniversary as a public company.
The cancellation of performance-based earnout shares is a significant governance decision that merits attention. By eliminating these shares, Falcon's Beyond is effectively reducing potential dilution and simplifying its equity structure. This move could be seen as management's commitment to transparency and alignment with shareholder interests.
The stock dividend, while increasing the share count, doesn't fundamentally change ownership percentages. However, it does require careful execution to ensure fair treatment of all shareholders, including proper adjustments to warrants and other equity instruments.
The addition of Gino P. Lucadamo to the Audit Committee brings entrepreneurial experience, which can be valuable. However, investors should note that his primary background is in construction, not finance or auditing. The company should ensure the Audit Committee maintains a balance of relevant expertise to effectively oversee financial reporting and risk management.
Forfeiture and Cancellation of Performance Based Earnout Shares to Reduce Company Liabilities and Simplify its Balance Sheet
Scott Demerau, Executive Chairman of the Board at Falcon’s Beyond, stated: “We are pleased to announce the cancellation of the performance-based earn-out shares and the subsequent stock dividend. This strategic move streamlines our financial statements and is designed to enhance shareholder value. We remain committed to driving growth and delivering value for our shareholders.”
In conjunction with these initiatives, the Company also announced the appointment of Gino P. Lucadamo to the Audit Committee. Mr. Lucadamo is an entrepreneur, having founded and run several businesses in the construction industry over the past 44 years. Mr. Lucadamo is currently an advisor and consultant to East Construction Management, a company that he founded in 2010.
Stock Dividend
The Board of Directors declared the issuance of a stock dividend of 0.2 shares of Class A common stock per share of Class A common stock outstanding payable on December 17, 2024 to holders of Class A common stock of record as of December 10, 2024. In lieu of fractional shares, cash will be distributed to each stockholder based who would otherwise have been entitled to receive a fractional share, with the amount of cash to be determine based on the average closing price, rounded to the nearest penny, of the Company’s Class A common stock on Nasdaq for the five consecutive business days prior to the payment date of the stock dividend. Additionally, as a result of the stock dividend, holders of the Company’s Class B common stock will receive a stock dividend of 0.2 shares of Class B common stock per share of Class B common stock outstanding, and the Falcon’s Beyond Global, LLC common units that are issued and outstanding will be adjusted to reflect the same economic equivalent of the stock dividend. Outstanding warrants, restricted stock units and other equity awards will be similarly adjusted in accordance with their terms.
A total of approximately 2.0 million shares of Class A common stock and approximately 11.5 million shares of Class B common stock are expected to be issued in connection with the stock dividend. Stockholders will not be required to take any action to receive the stock dividend. After the payment date, stockholders’ book entry accounts will be credited with the additional shares that represent the stock dividend. When shares are held in a brokerage account in the name of a broker, the additional shares will be distributed to the broker on the stockholder’s behalf. The stock dividend is administered by Continental Stock Transfer & Trust Company, the Company’s transfer agent.
Forfeiture and Cancellation of Performance Based Earnout Shares
The Company also announced the forfeiture and cancellation of 17.5 million performance-based earnout shares, which were originally issued and to be earned based on the achievement of EBITDA and revenue targets in connection with the de-SPAC transaction with FAST Acquisition Corp. II which closed on October 6, 2023. The cancellation of the performance-based awards is expected to eliminate the overhang of the liability classified awards and simplify the Company’s capital structure. The earnout shares based on the achievement of stock price targets remain outstanding.
About Falcon’s Beyond
Falcon’s Beyond is a visionary innovator in immersive storytelling, sitting at the intersection of three potential high growth business opportunities: content, technology, and experiences. Falcon’s Beyond propels intellectual property (IP) activations concurrently across physical and digital experiences through three core business units:
- Falcon’s Creative Group creates master plans, designs attractions and experiential entertainment, and produces content, interactives, and software.
- Falcon’s Beyond Destinations develops a diverse range of entertainment experiences using both Falcon’s Beyond owned and third party licensed intellectual property, spanning location-based entertainment, dining, and retail.
- Falcon’s Beyond Brands brings brands and intellectual property to life through animation, movies, licensing and merchandising, gaming as well as ride and technology sales.
Falcon’s Beyond also invents immersive rides, attractions, and technologies for entertainment destinations around the world.
FALCON’S BEYOND and its related trademarks are owned by Falcon’s Beyond.
Falcon’s is headquartered in
Falcon’s Beyond may use its website as a distribution channel of material Company information. Financial and other important information regarding the Company is routinely accessed through and posted on our website at https://investors.falconsbeyond.com
In addition, you may automatically receive email alerts and other information about Falcon’s when you enroll your email address by visiting the Email Alerts section at https://investors.falconsbeyond.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, words such as “will”, “aimed”, “expected” and similar expressions identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those expressed in or implied by the forward-looking statements, including (1) our ability to sustain our growth, effectively manage our anticipated future growth, and implement our business strategies to achieve the results we anticipate, (2) impairments of our intangible assets and equity method investment in our joint ventures, (3) our ability to raise additional capital, (4) the closure of Katmandu Park DR and the repositioning and rebranding of our FBD business, (5) the success of our growth plans in FCG, (6) our customer concentration in FCG, (7) the risk that contractual restrictions relating to the Strategic Investment may affect our ability to access the public markets and expand our business, (8) the risks of doing business internationally, including in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241001872094/en/
Media Relations:
Kathleen Prihoda, Falcon’s Beyond
kprihoda@falconsbeyond.com
Investor Relations:
ir@falconsbeyond.com
Source: Falcon’s Beyond Global, Inc.
FAQ
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