Verso Corporation Declares Quarterly Cash Dividend of $0.10 per Share and Announces Date of 2021 Annual Meeting of Stockholders
Verso Corporation (NYSE: VRS) has declared a quarterly cash dividend of $0.10 per share for the period ending March 31, 2021. This dividend will be payable on March 29, 2021 to stockholders of record as of March 18, 2021. Additionally, the company will conduct its 2021 Annual Meeting of Stockholders on May 6, 2021. Stockholders on record as of March 22, 2021 can participate in the meeting. The announcement reflects Verso's commitment to returning value to shareholders amidst challenging market conditions.
- Declaration of a quarterly cash dividend of $0.10 per share reflects a commitment to shareholder returns.
- Potential risks stemming from the long-term structural decline in the paper industry.
- Dependence on a limited number of customers affecting revenue stability.
- Intense competition in the paper manufacturing market impacting pricing control.
MIAMISBURG, Ohio, Feb. 5, 2021 /PRNewswire/ -- Verso Corporation (NYSE: VRS) announced today that its Board of Directors has declared a cash dividend for the quarter ending March 31, 2021, in the amount of
Verso Corporation also announced today that it will hold its 2021 Annual Meeting of Stockholders on Thursday, May 6, 2021, at 10 a.m. (EDT) at a location to be announced at a later date. Stockholders of record of Verso's common stock at the close of business on March 22, 2021, are entitled to notice of, and to vote at, the Annual Meeting. Verso will send a definitive proxy statement to the stockholders of record, which will contain important information about the Annual Meeting and the matters to be considered.
About Verso Corporation
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of graphic and specialty papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com.
Forward-Looking Statements
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. They include, for example, statements relating to timing of our 2021 Annual Meeting. Forward-looking statements are based on currently available business, economic, financial, and other information and reflect management's current beliefs, expectations, and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. Verso's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including: uncertainties regarding the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread; the long-term structural decline and general softening of demand facing the paper industry; adverse developments in general business and economic conditions; developments in alternative media, which are expected to adversely affect the demand for some of Verso's key products, and the effectiveness of Verso's responses to these developments; intense competition in the paper manufacturing industry; Verso's ability to compete with respect to certain specialty paper products for a period of two years after the closing of the Pixelle Sale; Verso's business being less diversified following the sale of two mills after the closing of the Pixelle Sale; Verso's dependence on a small number of customers for a significant portion of its business; Verso's limited ability to control the pricing of its products or pass through increases in its costs to its customers; changes in the costs of raw materials and purchased energy; negative publicity, even if unjustified; any failure to comply with environmental or other laws or regulations, even if inadvertent; legal proceedings or disputes; any labor disputes; and the potential risks and uncertainties described under the caption "Risk Factors" in Verso's Form 10-K for the fiscal year ended December 31, 2019, Verso's Quarterly Report on Form 10-Q for the three months ended March 31, 2020, and from time to time in Verso's other filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.
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SOURCE Verso Corporation
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