17 Mar Under Armour Announces Class C Stock Dividend
Under Armour, Inc.’s board of directors approved the issuance of the company’s new Class C non-voting common stock. The Class C stock will be issued through a stock dividend on a one-for-one basis to all existing holders of Under Armour’s Class A and Class B common stock, which will have the same effect as a two-for-one stock split.
Under Armour created the new C class of stock without voting rights, giving owners of each existing share of common stock one share of the new class. The structure is designed to preserve Plank’s control over Under Armour as he sells off some shares.
The shares of Class C stock will be distributed on or about April 7, 2016, to stockholders of record of Class A and Class B stock on March 28, 2016. Application to the New York Stock Exchange has been made to list the new Class C stock under the ticker symbol “UA.C”. Shares of Under Armour’s Class A stock will continue to trade under the ticker symbol “UA”.