Forward Air Corp. (FWRD) has released an update to notify the public and investors about corporate charter and bylaws modifications.
Forward established new preferred stock series, Series B and Series C, with Series B units being exchangeable for common stock and voting alongside it, having a liquidation preference of $0.01 per unit without independent dividend rights. Series C units have a liquidation preference of $110.00, automatically convert into common stock upon Conversion Approval, and are perpetual, ranking senior to common stock for dividends and liquidation. They accrue a 14% annual dividend, payable in cash or by increasing the liquidation preference, and are callable by Forward after six years, with specific voting rights for matters affecting their privileges.
For further insights into FWRD corporate activity, check out TipRanks’ Insiders Trading Activity page.
For a comprehensive understanding of the announcement, you can read the full document here.
