Mirion Announces Completion of Redemption of its Outstanding Public Warrants

Rhea-AI Summary

Mirion (NYSE: MIR), a global radiation detection and monitoring solutions provider, announced the completion of the redemption of its outstanding publicly traded warrants. As of May 20, 2024, Mirion redeemed the warrants at $0.10 each. Of the 18,749,779 warrants, 2,131 were exercised for cash, and 18,074,285 were exercised on a cashless basis, resulting in a total of 3,978,418 new common shares issued. The remaining 673,363 unexercised warrants were redeemed for $67,336.30. The public warrants ceased trading on the NYSE before the market opened on May 20, 2024. The private placement warrants remain unaffected and continue to be outstanding. The common shares continue to trade under the symbol 'MIR'. Additional details are available on Mirion’s Investor Relations website.

Positive

• Successful redemption of 96.4% of public warrants.
• Issuance of 3,978,418 new common shares.
• Public warrants ceased trading on the NYSE, potentially simplifying capital structure.
• Common shares continue to trade on NYSE under the symbol 'MIR'.

Negative

• 673,363 public warrants remained unexercised, requiring a redemption payment of $67,336.30.
• Dilution of existing shareholders' equity due to the issuance of new shares.
• Potential short-term pressure on stock price due to increased share count.

Financial Analyst

The redemption of Mirion's outstanding public warrants is a significant financial development for the company and its investors. By redeeming these warrants, Mirion has effectively reduced the potential future dilution of its shares, which can be positive for existing shareholders. This move also simplifies the company's capital structure, making it easier for investors and analysts to assess the value of the company.

From a financial perspective, the redemption price of $0.10 per warrant is relatively low. Given that 96.4% of the outstanding public warrants were exercised, either for cash or on a cashless basis, the redemption action suggests that most warrant holders saw value in converting their warrants into common shares. This could be interpreted as a positive sign of confidence in the company's future prospects.

Additionally, the redemption reduced the number of unexercised warrants to 3.6%, which minimizes the impact on shareholders' equity. The remaining warrants were redeemed for a total of $67,336.30, a minor financial outlay for Mirion that further tidies up its balance sheet.

For retail investors, this move eliminates the overhang of public warrants, potentially reducing volatility and aligning the interests of shareholders more closely. It also might indicate that the company is taking steps to prepare for future growth or strategic initiatives.

ATLANTA--(BUSINESS WIRE)-- Mirion ("we" or the "Company") (NYSE: MIR), a global provider of radiation detection, measurement, analysis and monitoring solutions to the medical, nuclear, defense, and research end markets, today announced that it completed the redemption of its outstanding publicly traded warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Shares”), that remained outstanding at 5:00 pm New York City time on Monday, May 20, 2024 (the “Redemption Date”), for a redemption price of $0.10 per Public Warrant (the “Redemption Price”).

On April 18, 2024, Mirion issued a press release stating that, pursuant to the Warrant Agreement dated as of June 29, 2020 (the “Warrant Agreement”), by and between Mirion (f/k/a GS Acquisition Holdings Corp II) and Continental Stock Transfer & Trust Company, as warrant agent, it would redeem all of its Public Warrants that remained outstanding following 5:00 pm New York City Time on the Redemption Date at the Redemption Price. Of the 18,749,779 Public Warrants that were outstanding as of March 31, 2024, 2,131 were exercised for cash at an exercise price of $11.50 per Common Share in exchange for an aggregate of 2,131 Common Shares and 18,074,285 were exercised on a cashless basis in exchange for an aggregate of 3,976,287 Common Shares, in each case in accordance with the terms of the Warrant Agreement, representing approximately 96.4% of the outstanding Public Warrants in the aggregate. A total of 673,363 Public Warrants remained unexercised as of the Redemption Date, and the Company redeemed those Public Warrants for an aggregate redemption price of $67,336.30. Following the Redemption Date, the Company had no Public Warrants outstanding. The 8,500,000 warrants to purchase Common Shares that were issued under the Warrant Agreement in a private placement simultaneously with Mirion’s (f/k/a GS Acquisition Holdings Corp II) initial public offering and still held by the initial holders thereof or their permitted transferees remain outstanding and are not affected by the redemption of the Public Warrants.

In connection with the redemption, the Public Warrants ceased trading on the New York Stock Exchange (“NYSE”) and were delisted, with the suspension of trading effective before market open on May 20, 2024. The Common Shares continue to trade on NYSE under the symbol “MIR”.

Additional information can be found on Mirion’s Investor Relations website: https://ir.mirion.com/

About Mirion

Mirion (NYSE: MIR) is a global leader in radiation safety, science and medicine, empowering innovations that deliver vital protection while harnessing the transformative potential of ionizing radiation across a diversity of end markets. The Mirion Technologies group provides proven radiation safety technologies that operate with precision – for essential work within R&D labs, critical nuclear facilities, and on the front lines. The Mirion Medical group solutions help enhance the delivery and ensure safety in healthcare, powering the fields of Nuclear Medicine, Radiation Therapy QA, Occupational Dosimetry, and Diagnostic Imaging. Headquartered in Atlanta (GA – USA), Mirion employs approximately 2,700 people and operates in 12 countries. Learn more at mirion.com.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Mirion securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “should”, “would”, “will”, “understand” and similar words are intended to identify forward looking statements. These forward-looking statements include, but are not limited to, statements regarding redemption of the warrants. Further information on risks, uncertainties and other factors that could affect our financial results are included in the filings we make with the Securities and Exchange Commission (the “SEC”) from time to time, including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other periodic reports filed or to be filed with the SEC.

You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240523172133/en/

For investor inquiries:

Jerry Estes

ir@mirion.com

For media inquiries:

Erin Schesny

media@mirion.com

Source: Mirion

FAQ

What did Mirion announce on May 20, 2024?

Mirion announced the completion of the redemption of its outstanding public warrants on May 20, 2024.

How many public warrants did Mirion redeem?

Mirion redeemed 18,749,779 public warrants.

What was the redemption price for Mirion's public warrants?

The redemption price for Mirion's public warrants was $0.10 per warrant.

How many public warrants were exercised for cash?

2,131 public warrants were exercised for cash.

What happened to the unexercised public warrants?

673,363 unexercised public warrants were redeemed for a total of $67,336.30.

What is the impact of the redemption on Mirion's stock?

The public warrants ceased trading on the NYSE, but the common shares continue to trade under the symbol 'MIR'.

What percentage of the public warrants were exercised?

Approximately 96.4% of the public warrants were exercised.

Do the private placement warrants remain unaffected?

Yes, the 8,500,000 private placement warrants remain unaffected and outstanding.