[ADVERT]
Share Name Share Symbol Market Type
Intercontinental Exchange Inc NYSE:ICE NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  3.79 2.85% 136.745 138.00 133.13 133.13 1,735,079 19:03:32

LSB Industries Believes Incorrect Information in NYSE Group Info Notice Led to Stock Price Adjustment

13/10/2021 8:04pm

Dow Jones News


Intercontinental Exchange (NYSE:ICE)
Historical Stock Chart


From Sep 2021 to Oct 2021

Click Here for more Intercontinental Exchange Charts.

By Josh Beckerman

 

LSB Industries Inc., which was halted on the New York Stock Exchange for several hours Tuesday, believes incorrect information about a special stock dividend in an NYSE Group Info Notice led to a 30% downward adjustment to its Monday closing stock price.

In September, the maker of agricultural, industrial and mining chemicals completed a transaction that included Eldridge Industries LLC converting preferred stock into common shares. LSB paid a special stock dividend last week.

LSB said Tuesday afternoon that it was working with the NYSE to address the price adjustment. It said Wednesday that the Group Info Notice incorrectly said the dividend applied to about 79.4 million shares, but that it actually applied to only about 30.4 million shares, as the roughly 49.1 million shares issued to an Eldridge affiliate weren't issued before the record date. The NYSE issued a correct notice on Tuesday, according to LSB.

The NYSE didn't immediately respond to a request for comment.

LSB said last month that, after the exchange and dividend, Eldridge would own about a 61% stake. S&P Global said it expected the transaction "will lead to a significant improvement in LSB's credit metrics and provide the company with additional financial flexibility."

LSB shares were recently down 4% to $9.34.

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

October 13, 2021 14:49 ET (18:49 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

1 Year Intercontinental Exchange Chart

1 Year Intercontinental Exchange Chart

1 Month Intercontinental Exchange Chart

1 Month Intercontinental Exchange Chart
ADVFN Advertorial
Your Recent History
NYSE
ICE
Interconti..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20211028 18:18:48