Steel Partners announces reverse/forward unit split

Steel Partners Holdings L.P. announced that it will effect a 1-for-12,500 reverse unit split of its common units, no par value, followed immediately by a 12,500-for-1 forward unit split of the Company Common Units. The Reverse Unit Split is expected to become effective as of 5:00 p.m. Eastern Time on January 8, 2024, and immediately thereafter, the Forward Unit Split is expected to become effective as of 5:01 p.m. Eastern Time on January 8, 2024. The Company Common Units will continue to trade on The New York Stock Exchange under the existing symbol “SPLP” and is expected to begin trading on a split-adjusted basis when the market opens on January 9, 2024. The Company Common Units will be assigned a new CUSIP number following the Reverse/Forward Unit Split. Certain holders of the Company’s Common Units who are employees will have their Company Common Units excluded from the Reverse/Forward Unit Split. The Company reserves the right to abandon the Reverse/Forward Unit Split at any time prior to the Effective Date. If the Company extends the Effective Date to a later date, the Company will disclose such extension via press release and/or a current report on Form 8-K prior to the Effective Date. No fractional units will be issued in connection with the Reverse/Forward Unit Split. Instead, the Company will pay cash (without interest) to any unitholder who would be entitled to receive a fractional unit as a result of the Reverse/Forward Unit Split. Unitholders who hold fewer than 12,500 units immediately prior to the Reverse Unit Split will be paid in cash (without interest) an amount equal to such number of Company Common Units held multiplied by volume-weighted average price for the ten consecutive trading days immediately preceding the effective date of the Reverse/Forward Unit Split.