Today, Everus Construction Group, Inc. (NYSE:ECG) filed an 8-K form with the U.S. Securities and Exchange Commission revealing significant corporate changes, including a stock split and amendments to its Certificate of Incorporation. The operative builders company, based in Bismarck, North Dakota, has increased the number of authorized shares of its common and preferred stock, and implemented a stock split of the outstanding shares of common stock.
The changes were made in connection with a planned distribution of shares by MDU Resources Group, Inc. to its stockholders, which is anticipated to take place at the end of the month, specifically at 11:59 p.m. Eastern time on October 31, 2024. The distribution is subject to certain conditions detailed in the Information Statement dated October 18, 2024.
The certificate of amendment to the Certificate of Incorporation, also known as the Split Amendment, was filed with the Secretary of State of the State of Delaware on Monday. This move is designed to modify the company's charter to accommodate the stock split and increase in authorized shares. The Split Amendment is a key step in the process leading up to the distribution as outlined in the Information Statement.
In other recent news, Everus Construction Group, Inc. has made public its plans for a spin-off from parent company MDU Resources Group, Inc. The spin-off, set to take place on October 31, 2024, involves the distribution of Everus common stock to MDU Resources shareholders.
For every four shares of MDU Resources common stock held, investors will receive one share of Everus common stock. In the case of fractional shares, shareholders will receive cash instead.
The spin-off is contingent upon certain conditions detailed in the final information statement dated October 18, 2024. Provided all conditions are met, the distribution will take place at 11:59 p.m. Eastern Time on the Distribution Date. Following this, Everus common stock is slated to begin trading on the New York Stock Exchange under the ticker symbol "ECG WI" from October 28, 2024, till the close of business on the Distribution date. Regular trading under the ticker "ECG" is expected to start on November 1, 2024.
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