ATLANTA - Mirion (NYSE: MIR), a global provider of radiation detection and monitoring solutions, has announced a final call for the exercise of its public warrants.
Holders have until 5:00 p.m. New York City time on Monday, May 20, 2024, to exercise their warrants to purchase shares of the company’s Class A common stock. After this deadline, any unexercised public warrants will be void and non-exercisable, and holders will only be entitled to receive a redemption price of $0.10 per warrant.
The public warrants, listed under the ticker symbol MIR WS on the NYSE, can be exercised for $11.50 per warrant in cash or on a cashless basis. The latter option will result in the holder receiving a number of shares determined by a formula outlined in the Warrant Agreement, which considers the fair market value based on the average last price per share of the common stock for the 10 trading days ending on the third trading day prior to the notice of redemption being sent.
Holders exercising their warrants will receive approximately 0.220 of a share of common stock for each warrant surrendered, with the number of shares received rounded down to the nearest whole number in the event of a fractional interest. Those interested in exercising their warrants must follow the procedures described in the Notice of Redemption and the Election to Purchase form provided by Mirion’s warrant agent, Continental Stock Transfer & Trust Company.
The shares of common stock underlying the public warrants have been registered under the Securities Act of 1933 and are covered by a registration statement with the Securities and Exchange Commission. Warrant holders should direct exercise requests through their brokers or contact Mirion’s authorized information agent, Morrow Sodali, for guidance.
This announcement follows Mirion's commitment to radiation safety and precision technology across various end markets, including medical, nuclear, defense, and research. The company, headquartered in Atlanta, employs approximately 2,700 people and operates in 12 countries.
The information is based on a press release statement from Mirion.
InvestingPro Insights
As Mirion Technologies (NYSE: MIR) approaches the deadline for the exercise of its public warrants, investors and potential warrant holders are assessing the company's financial metrics and market performance. According to InvestingPro data, Mirion has a market capitalization of approximately $2.17 billion, demonstrating its substantial presence in the radiation detection and monitoring market. The company's revenue growth over the last twelve months as of Q1 2024 stands at 10.14%, indicating a solid top-line expansion.
InvestingPro Tips suggest that Mirion's net income is expected to grow this year, a positive sign for investors considering exercising their warrants. Additionally, liquid assets exceed short-term obligations, providing the company with financial flexibility. It's also noteworthy that analysts predict Mirion will be profitable this year, which could be a key factor for investors making decisions before the May 20, 2024, warrant exercise deadline.
For those considering a deeper dive into Mirion's potential, InvestingPro offers additional insight with more InvestingPro Tips available on their platform. Subscribers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to valuable investment analytics and data.
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