McDermott International, Ltd ("McDermott" or the "Company") announced a 125-to-1 share consolidation, also known as a reverse stock split, which will consolidate the number of the Company's Class A ordinary shares (the "Class A Ordinary Shares") outstanding as of January 28, 2025, from 3,552,951,586 Class A Ordinary Shares, par value $0.001 per ordinary share, to approximately 28,423,613 Class A Ordinary Shares, par value $0.125 per ordinary share.
The specific ratio was determined by the Company's Board of Directors with reference to the Company's share price at the close of trading on January 16, 2025, and is within the range approved by the Company's members at a special general meeting held on December 2, 2024. The Company expects that the Class A Ordinary Shares will begin trading on a share consolidation-adjusted basis on January 29, 2025.
For a period of 20 business days, the Company's Class A Ordinary Shares will trade under the symbol MCDID. After this 20 business day period, the Company's Class A Ordinary Shares will resume trading under the symbol MCDIF.
The share consolidation follows the redemption and exchange of all of the Company's outstanding Series A preference shares into Class A Ordinary Shares. As a result of the share consolidation, every 125 Class A Ordinary Shares will automatically be combined into one Class A Ordinary Share. The share consolidation will be effected simultaneously for all Class A Ordinary Shares without any action on the part of members. The share consolidation will uniformly affect all of the holders of the Class A Ordinary Shares and will not affect any member's percentage ownership interests in the Company, except for minor changes to the extent that the share consolidation would result in any of the members owning a fractional share, which is permitted under Bermuda law.
