Mirion Announces Completion of Redemption of its Outstanding Public Warrants
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.
- 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'.
- 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.
Insights
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
Additionally, the redemption reduced the number of unexercised warrants to
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.
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
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
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
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