Altria exercises option to exit JUUL non-compete; carrying value drops from $12.8B to $450M

ALTRIA GROUP, INC.

Exercised option on Sept 29, 2022, permanently terminating non-competition obligations to JUUL.
Carrying value of JUUL investment was $450M at June 30, 2022, down from initial $12.8B.
Lost board designation rights (except one independent director if ownership >=10%), preemptive and consent rights.
JUUL shares converted to single vote common stock, significantly reducing Altria's voting power.

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