Pursuant to the Merger, each share of SDI's Class A Common Stock and SDI's Class B Common Stock (collectively, the "SDI Common Stock") issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive 0.52095 shares of TPB's Voting Common Stock.
As a result of the Merger, the SDI Common Stock has ceased trading on, and is being delisted from, the NYSE American.
"The transaction significantly improves the public float of our shares outstanding and eliminates the overhang of a controlling holding company structure," said Bobby Lavan, TPB Chief Financial Officer. "We are excited to welcome all of the new shareholders and thank our existing shareholders that participated in the related secondary offering."
About Turning Point Brands, Inc.
Louisville, Kentucky-based Turning Point Brands, Inc. (NYSE: TPB) is a leading U.S. provider of Other Tobacco Products and adult consumer alternatives. TPB, through its focus brands generates solid cash flow which it uses to finance acquisitions, increase brand support and strengthen its capital structure. TPB does not sell cigarettes. More information about the company is available at its corporate website, www.turningpointbrands.com.
Contacts
Robert Lavan
Senior Vice President, CFO
ir@tpbi.com
(502) 774-9238
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