DuPont Announces Effectiveness of The Chemours Company Form 10 Registration Statement
WILMINGTON, Del., June 17, 2015 – Today, DuPont announced that the U.S. Securities and Exchange Commission (“SEC”) has declared effective the Registration Statement on Form 10 of The Chemours Company (“Chemours”). The Registration Statement on Form 10 includes information regarding the business and spin-off of Chemours, which is expected to be completed on July 1, 2015. In addition, on June 12, 2015, the New York Stock Exchange authorized Chemours for listing on the exchange, with “regular way” trading to commence on July 1, 2015.
As previously announced, on June 5, 2015, the DuPont board of directors declared a pro rata dividend to DuPont common stockholders of record as of 5:00 p.m. ET on June 23, 2015. As a result, on July 1, 2015, DuPont common stockholders will receive one share of common stock of Chemours for every five shares of DuPont common stock they hold on the record date. Prior to July 1, DuPont will mail an Information Statement containing information about Chemours and the spin-off to DuPont common stockholders as of the record date.
Shares of DuPont common stock will continue to trade “regular way” on the NYSE under the symbol “DD” through and after the distribution date. On June 19, 2015, it is expected that DuPont common stock on the NYSE will also trade “ex distribution” under the symbol “DD WI.” Prior to July 1, shares of DuPont common stock that trade under “DD” will trade with the right to receive shares of Chemours common stock on July 1, 2015. Shares of DuPont common stock that trade under “DD WI” will trade without the right to receive shares of Chemours common stock. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling DuPont common stock on or before July 1.
It is anticipated that “when-issued” trading on the NYSE in Chemours common stock will begin on June 19, 2015, under the symbol “CC WI.” On July 1, 2015, Chemours common stock will begin “regular way” trading on the NYSE under the symbol “CC.”
Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil refining operations and general industrial manufacturing. Our flagship products include prominent brands such as Teflon®, Ti-Pure®, Krytox®, Viton®, Opteon® and Nafion®. Chemours has approximately 9,000 employees across 37 manufacturing sites serving more than 5,000 customers in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Del.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment.
Forward-Looking Statements: This document contains forward-looking statements which may be identified by their use of words like "plans," "expects," "will," "believes," "intends," "estimates," "anticipates" or other words of similar meaning. All statements that address expectations or projections about the future, including statements about growth strategies, product development, regulatory approval, market position, anticipated benefits of recent acquisitions, timing of anticipated benefits from restructuring actions, outcome of contingencies, such as litigation and environmental matters, expenditures, financial results and the anticipated date for Chemours common stock to begin trading on a “regular-way” basis on the NYSE, are forward looking statements. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized.
Forward-looking statements also involve risks and uncertainties. Some of the important factors that could cause actual results to differ materially from those projected in any such forward looking statements are: (i) risks related to the anticipated timing of the separation through spin-off of Chemours, (ii) risks that the conditions to the separation are not satisfied, (iii) the risk that the expected benefits from the separation may not be fully realized or may take longer to realize than expected; (iv) continued validity of a private letter ruling from the IRS, which DuPont has received from the IRS, and the receipt and continued validity of a tax opinion, in form and substance acceptable to DuPont, and (v) additional factors described in DuPont's and Chemours' filings with the SEC. Neither DuPont nor Chemours undertakes any duty to update such forward-looking statements as a result of future developments or new information.
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