In a recent filing with the U.S. Securities and Exchange Commission, Everus Construction Group, Inc. announced the effective date of its registration statement as October 17, 2024, pertaining to its planned spin-off from parent company MDU Resources Group, Inc. The spin-off entails the distribution of Everus common stock to MDU Resources shareholders, scheduled for October 31, 2024.
Everus Construction, a subsidiary of MDU Resources, will distribute one share of its common stock for every four shares of MDU Resources common stock held by investors on the record date of October 21, 2024. Shareholders will receive cash in lieu of any fractional shares.
The spin-off is subject to certain conditions detailed in the final information statement dated October 18, 2024, attached to the filing. If all conditions are met, the distribution will occur at 11:59 p.m. Eastern Time on the Distribution Date.
Additionally, Everus common stock is expected to begin trading on a "when-issued" basis on the New York Stock Exchange under the ticker symbol "ECG WI" starting October 28, 2024, until the close of business on the Distribution date. Subsequently, "regular-way" trading under the ticker "ECG" is anticipated to commence on November 1, 2024.
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