Monro agrees to eliminate Class C Preferred Stock; board declassification plan

MONRO, INC.

Conversion rate adjusted to 61.275 common shares per preferred share (from 23.389), eliminating Class C stock over ~3-year sunset.
Represents ~$36.6M premium based on May 12 close; sunset period starts after Aug 15, 2023 annual meeting.
Recapitalization and board declassification (to single-class, one-year terms) subject to shareholder approval at Aug 15, 2023 meeting.
Special Committee of independent directors negotiated; Kroll fairness opinion obtained.

item 1.01 item 8.01 item 9.01

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

MONRO, INC. entered into reclassification agreement with holders of its Class C Preferred Stock (effective 2023-05-12).

Action: entry
Counterparty: holders of its Class C Preferred Stock
Effective: 2023-05-12

Exact text from the filing

on May 12, 2023, the Company entered into a reclassification agreement (the “Agreement”) with the holders of its Class C Preferred Stock

View on SEC.gov

784 material agreements filed in the last 30 days. Browse all material agreements →

MONRO, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-148287

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.