Clearway Stock Split FAQs
Clearway Stock Split FAQs
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On what date did the Clearway stock split become effective?
The split was effective after market close on May 14, 2015. The “split” refers to the creation of Class C (held by the public) and Class D (held by GIP) Shares.
What is the “ex date” of the event?
Since this was not a dividend, there is no “ex date.” This is structured as a stock split, which was effective after market closes on May 14, 2015. The new Class C common stock began trading on the NYSE at the open of business on May 15, 2015. The ticker “CWEN.A” now represents Class A shares while “CWEN” represents Class C shares.
Will Class A shares and Class C shares have the same value/ price once actively traded on the exchange?
No, shares will trade independently following open on May 15, 2015.
What is the par value of Class C and Class A common stock of Clearway Energy, Inc.?
Par value for both is $0.01.
Where can I find historical Clearway share data pre-split?
As Class A shares were the actively traded CWEN public shares prior to the stock split, historical data can be found under the CWENf.A ticker symbol.
Is the stock split a taxable event for Clearway Class A stockholders?
No, this is not a taxable event for Clearway holders
Do Class A and Class C shares receive the same per share dividend?
Yes. The holders of Class A common stock and Class C common stock will share ratably in all dividends as may be declared by our Board in respect of our outstanding common stock.
What is the impact to the conversion rate under the 2019 Convertible Notes?
In connection with the stock split, Clearway Energy announced an adjustment to the conversion rate of its 3.50% Convertible Senior Notes due 2019 (the “Notes”). The new conversion rate is 42.9644 shares of Class A common stock per $1,000 principal amount of Notes, and was effective immediately after the opening of business on May 15, 2015. The initial conversion rate was adjusted pursuant to Section 11.05(c)(i) of the indenture governing the Notes and effectively doubled to reflect the split. Notice of the conversion rate adjustment has been delivered to the holders of the Notes.
Where can I find additional information regarding the Clearway stock split?
Please refer to the SEC Filings and Press Release sections of the Clearway Investor site.
Will Clearway be publishing Form 8937 to guide on cost basis?
Yes. IRS Form 8937 and the attachment to Form 8937 can be found here.