Overseas Shipholding Group (OSG) has finalised its plans for listing its Class A common shares on the NYSE MKT.
Shareholders of OSG’s Class A common stock and Class B common stock when the market closes on December 3 will receive a dividend of one-tenth of one share of Class A common stock for each share of Class A common stock and Class B common stock they hold at that time.
The Class A stock is expected to list on the market on December 1 with regular way trading expected on December 18, the day after OSG is to distribute the stock dividend.
“The listing is a significant milestone for all of us at the Company and marks an important step in our efforts to improve the trading liquidity of our Class A common stock and further enhance value for our shareholders,” Captain Ian T Blackley, OSG’s president and CEO, said in a statement.
The tanker operator was formerly quoted on the NYSE until 2012, when it declared bankruptcy and lost its listing.