8-K
filed June 1, 2023, 7:59 PM ET
ticker ATMU
CIK 0001921963
other material
confidence high
sentiment neutral
materiality 0.85
Atmus completes IPO of 16.24M shares at $19.50; Cummins retains 80.5% stake
Atmus Filtration Technologies Inc.
- IPO of 16,243,070 shares (incl. full underwriter option) at $19.50/share; net proceeds received by Debt-for-Equity Exchange Parties to repay Cummins short-term debt.
- Cummins owns ~80.5% of outstanding Atmus common stock after the offering.
- Atmus borrowed $600M under term loan and $50M under revolving credit facility (both mature Sept 2027) as partial consideration for filtration business.
- Separation agreement signed with Cummins covering asset transfer, supply, tax, IP, employee matters, and registration rights.
- Atmus Board adopted 2022 Omnibus Incentive Plan effective May 30, 2023.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Atmus Filtration Technologies Inc. entered into Separation Agreement with Cummins (effective 2023-05-29).
- Action
- entry
- Counterparty
- Cummins
- Effective
- 2023-05-29
Exact text from the filing
result of the debt-for-equity exchange and IPO, Cummins currently owns approximately 80.5% of the outstanding shares of Common Stock.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
Atmus Filtration Technologies Inc. entered into a license with Cummins (effective 2023-05-29).
- Action
- entry
- Agreement
- license
- Counterparty
- Cummins
- Effective
- 2023-05-29
Exact text from the filing
· an intellectual property license agreement, which will enable worldwide, non-exclusive, non-transferable (except in certain circumstances), non-sublicensable (except in certain circumstances), royalty-free, fully paid-up, perpetual (for as long as enforceable rights in the applicable intellectual property exist) and irrevocable cross-licensing of certain intellectual property owned by Cummins and Atmus;
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
Atmus Filtration Technologies Inc. entered into a supply with Cummins (effective 2023-05-29).
- Action
- entry
- Agreement
- supply
- Counterparty
- Cummins
- Effective
- 2023-05-29
Exact text from the filing
· a first-fit supply agreement, pursuant to which Cummins will (i) continue to purchase all first-fit filtration products that it purchased from Atmus before the IPO for an initial term of five years after the IPO
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
Atmus Filtration Technologies Inc. entered into a supply with Cummins (effective 2023-05-29).
- Action
- entry
- Agreement
- supply
- Counterparty
- Cummins
- Effective
- 2023-05-29
Exact text from the filing
· an aftermarket supply agreement, pursuant to which Cummins will continue to purchase all aftermarket filtration products that it purchased from Atmus before the IPO for an initial term of five years after the IPO
View on SEC.gov
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