Garrett Motion Declares a Cash Dividend on Series A Preferred Stock

Rhea-AI Summary

Garrett Motion Inc. (Nasdaq: GTX, GTXAP) announced a quarterly cash dividend of $0.17 per share for its Series A 11% PIK Preferred Stock, instead of allowing the dividend to accrete. The dividend will be paid on April 3, 2023, to shareholders on record as of the close of business on March 22, 2023. This decision reflects the company's commitment to providing immediate shareholder returns while navigating its capital structure. Garrett Motion, a leader in automotive technology, focuses on enhancing vehicle efficiency and connectivity. For detailed information, visit Garrett Motion's website.

Positive

• Quarterly cash dividend of $0.17 per share declared.
• Dividend payment signifies commitment to shareholder returns.

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• None.

ROLLE, Switzerland, March 08, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated automotive technology provider, today announced that the first quarter dividend for the Series A 11% PIK Preferred Stock will be made in cash and is in lieu of allowing the first quarter dividend to accrete. On March 8, 2023, the Disinterested Directors Committee of the Board of Directors of Garrett declared a quarterly cash dividend of $0.17 per share, which will be paid on April 3, 2023, to holders of record as of the close of business on March 22, 2023.

About Garrett Motion Inc.

Garrett Motion is a differentiated technology leader, serving customers worldwide for more than 65 years with passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions. Garrett’s cutting-edge technology enables vehicles to become cleaner, more efficient and connected. Our portfolio of turbocharging, electric boosting and automotive software solutions empowers the transportation industry to redefine and further advance motion. For more information, please visit www.garrettmotion.com. 

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements including, without limitation, our statements regarding our capital structure. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of Garrett to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to those described in our annual report on Form 10-K for the year ended December 31, 2022, as well as our other filings with the Securities and Exchange Commission, under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements.

Contacts:	Media	Investor Relations
	Christophe Mathy	Eric Birge
	+41 786 43 71 94	+1 734 228 9529
	christophe.mathy@garrettmotion.com	eric.birge@garrettmotion.com

 

FAQ

What is the dividend amount for Garrett Motion Inc. in Q1 2023?

Garrett Motion Inc. declared a dividend amount of $0.17 per share for Q1 2023.

When will Garrett Motion Inc.'s Q1 2023 dividend be paid?

The dividend will be paid on April 3, 2023.

Who qualifies for the dividend from Garrett Motion Inc.?

Shareholders on record as of March 22, 2023, will qualify for the dividend.

Is the Q1 2023 dividend from Garrett Motion a cash payment?

Yes, the Q1 2023 dividend will be made in cash.