Perimeter Solutions Completes Redomicile from Luxembourg to the U.S
Perimeter Solutions (NYSE: PRM) has completed its redomiciliation from Luxembourg to the United States, becoming a Delaware The change was approved by shareholders at a Special Meeting on November 20, 2024. All existing ordinary shares have been exchanged one-for-one for newly issued shares of Perimeter Solutions, Inc., with trading under the same NYSE symbol 'PRM' beginning November 21, 2024. The company's Clayton, Missouri headquarters will serve as both operational and legal headquarters. Management expects benefits including streamlined regulatory compliance, reduced operating expenses, optimized tax strategies, and decreased complexity.
Perimeter Solutions (NYSE: PRM) ha completato la sua redomiciliazione dal Lussemburgo agli Stati Uniti, diventando una società del Delaware. Il cambiamento è stato approvato dagli azionisti in un'Assemblea Straordinaria il 20 novembre 2024. Tutte le azioni ordinarie esistenti sono state scambiate uno a uno per nuove azioni emesse di Perimeter Solutions, Inc., con inizio delle contrattazioni sotto lo stesso simbolo NYSE 'PRM' a partire dal 21 novembre 2024. La sede centrale della società a Clayton, Missouri, fungerà sia da sede operativa che legale. La direzione prevede benefici come una semplificazione della conformità normativa, una riduzione dei costi operativi, strategie fiscali ottimizzate e una minore complessità.
Perimeter Solutions (NYSE: PRM) ha completado su redomiciliación de Luxemburgo a los Estados Unidos, convirtiéndose en una empresa de Delaware. El cambio fue aprobado por los accionistas en una Junta Extraordinaria el 20 de noviembre de 2024. Todas las acciones ordinarias existentes han sido intercambiadas una por una por nuevas acciones emitidas de Perimeter Solutions, Inc., comenzando a cotizar bajo el mismo símbolo de NYSE 'PRM' a partir del 21 de noviembre de 2024. La sede de la compañía en Clayton, Missouri, servirá como sede operativa y legal. La dirección espera beneficios como una simplificación del cumplimiento normativo, reducción de gastos operativos, estrategias fiscales optimizadas y disminución de la complejidad.
Perimeter Solutions (NYSE: PRM)는 룩셈부르크에서 미국으로의 법인 이전을 완료하고 델라웨어 주의 기업이 되었습니다. 이 변경은 2024년 11월 20일 특별 회의에서 주주들에 의해 승인되었습니다. 기존의 모든 보통 주식은 Perimeter Solutions, Inc.의 새로 발행된 주식으로 1대1 교환되었으며, NYSE 기호 'PRM' 아래에서의 거래는 2024년 11월 21일부터 시작됩니다. 미주리 주 클레이튼에 위치한 본사는 운영 및 법적 본사가 될 것입니다. 경영진은 규제 준수의 간소화, 운영 비용 절감, 최적화된 세금 전략 및 복잡성 감소 등의 혜택을 기대하고 있습니다.
Perimeter Solutions (NYSE: PRM) a finalisé sa redomiciliation du Luxembourg vers les États-Unis, devenant ainsi une entreprise du Delaware. Ce changement a été approuvé par les actionnaires lors d'une Assemblée Générale Extraordinaire le 20 novembre 2024. Toutes les actions ordinaires existantes ont été échangées une pour une contre de nouvelles actions émises de Perimeter Solutions, Inc., avec le début des échanges sous le même symbole NYSE 'PRM' à partir du 21 novembre 2024. Le siège de l'entreprise à Clayton, Missouri, servira de siège opérationnel et légal. La direction s'attend à des avantages incluant une simplification de la conformité réglementaire, des coûts opérationnels réduits, des stratégies fiscales optimisées et une complexité réduite.
Perimeter Solutions (NYSE: PRM) hat seine Redomizilierung von Luxemburg in die Vereinigten Staaten abgeschlossen und ist damit ein Unternehmen im Bundesstaat Delaware geworden. Die Änderung wurde von den Aktionären in einer Sonderversammlung am 20. November 2024 genehmigt. Alle bestehenden Stammaktien wurden eins zu eins gegen neu ausgegebene Aktien von Perimeter Solutions, Inc. getauscht, deren Handel unter demselben NYSE-Symbol 'PRM' am 21. November 2024 beginnt. Der Unternehmenssitz in Clayton, Missouri, wird sowohl als operative als auch als rechtliche Zentrale fungieren. Das Management erwartet Vorteile wie eine vereinfachte Einhaltung der Vorschriften, reduzierte Betriebskosten, optimierte Steuerstrategien und verringert Komplexität.
- Expected reduction in operating expenses through streamlined compliance
- Anticipated tax optimization benefits
- Reduced operational complexity through single jurisdiction management
- None.
Insights
This redomiciliation from Luxembourg to Delaware marks a significant strategic shift that should yield tangible financial benefits. The move will create operational efficiencies through streamlined regulatory compliance, simplified accounting procedures and optimized tax strategies. Delaware's business-friendly legal framework offers robust corporate protections and well-established case law, potentially reducing legal risks and costs.
The one-for-one share exchange ensures minimal disruption to existing shareholders while maintaining NYSE listing continuity. Most importantly, the consolidation of legal and operational headquarters in the U.S. should result in reduced administrative overhead and improved operational efficiency. This could positively impact the bottom line through cost savings, though specific figures weren't disclosed.
The redomiciliation to Delaware represents a shrewd legal restructuring that leverages the state's sophisticated corporate law system. Delaware's Court of Chancery provides specialized business dispute resolution and established corporate governance precedents, offering enhanced legal predictability and shareholder protections. The overwhelming shareholder approval indicates strong stakeholder alignment with this strategic decision.
The streamlined regulatory framework should reduce compliance complexity and associated legal costs. The simplified corporate structure, with unified U.S. headquarters, also eliminates the complexities of managing dual jurisdictional requirements, potentially reducing legal and administrative burdens.
Clayton, Missouri--(Newsfile Corp. - November 20, 2024) - Perimeter Solutions, SA (NYSE: PRM), a leading provider of mission-critical firefighting products and services as well as high-quality specialty chemicals, today announced the completion of the redomiciliation process to change the parent company of the corporate group from a Luxembourg company to a Delaware corporation. The redomiciliation was approved overwhelmingly by shareholders of Perimeter Solutions, SA at a Special Meeting held on November 20, 2024 in the Grand Duchy of Luxembourg. Effective as of the close of trading on November 20, 2024, all issued ordinary shares of Perimeter Solutions, SA have been exchanged on a one-for-one basis for newly issued shares of common stock of Perimeter Solutions, Inc. ("Perimeter" or the "Company"). Perimeter Solutions, Inc. common stock will begin trading on November 21, 2024, and the Company's trading symbol on the New York Stock Exchange will remain unchanged as "PRM."
Haitham Khouri, Perimeter's Chief Executive Officer, commented, "We're proud that Perimeter will become an American domiciled company. We will continue to proudly serve our customers worldwide while benefiting from having our legal and functional headquarters near our largest base of operations here in the United States."
Kyle Sable, Perimeter's Chief Financial Officer, added, "This redomiciliation benefits our stakeholders by streamlining the regulatory, accounting and tax compliance burden inherent in operating across multiple jurisdictions. We continue to anticipate an ongoing cash benefit to the Company in the form of lower operating expenses, more fully optimized tax strategies, and reduced complexity."
Perimeter's existing headquarters in Clayton, Missouri will remain the Company's sole operational headquarters while becoming the legal seat of the parent Company. Given that Perimeter was already managed in the U.S., the Company does not anticipate any impact to day-to-day business and operations as a result of the redomiciliation.
Details of the process to redomicile can be found in a Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission (the "SEC") on the Company's website and at www.sec.gov.
About Perimeter Solutions
Perimeter Solutions is a leading global solutions provider, providing high-quality firefighting products and specialty chemicals. The Company's business is organized and managed in two reporting segments: Fire Safety and Specialty Products.
The Fire Safety business consists of formulating, manufacture and sale of fire retardants and firefighting foams that assist in combating various types of fires, including wildland, structural, flammable liquids and others. Our Fire Safety business also offers specialized equipment and services, typically in conjunction with our fire management products, to support our customers' firefighting operations. Our specialized equipment includes airbase retardant storage, mixing, and delivery equipment; mobile retardant bases; retardant ground application units; mobile foam equipment; and equipment that we custom design and manufacture to meet specific customer needs. Our service network can meet the emergency resupply needs of over 150 air tanker bases in North America, as well as many other customer locations in North America and internationally. The segment is built on the premise of superior technology, exceptional responsiveness to our customers' needs, and a "never-fail" service network. The segment sells products to government agencies and commercial customers around the world.
The Specialty Products business produces and sells high quality Phosphorus Pentasulfide ("P2S5") primarily used in the preparation of lubricant additives, including a family of compounds called Zinc Dialkyldithiophosphates ("ZDDP") that provide critical anti-wear protection to engine components. P2S5 is also used in pesticide and mining chemicals applications.
Forward-Looking Information
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "continue," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods.
Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Perimeter believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Perimeter's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including the risk factors described from time to time by us in our filings with the SEC, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024. Shareholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.
Any forward-looking statement made by Perimeter in this press release speaks only as of the date on which it is made. Perimeter undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Perimeter Solutions, Inc.
CONTACT: ir@perimeter-solutions.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230721
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