other material
confidence high
sentiment neutral
materiality 0.35
Eastern Bankshares corrects share count error in merger proxy: 176.4M shares outstanding, not 174.5M
Eastern Bankshares, Inc.
- Corrected record date shares outstanding from 174,508,659 to 176,426,993; record holders changed from ~7,976 to ~7,960.
- Error appeared in joint proxy statement/prospectus for pending merger with Cambridge Bancorp; vote on share issuance scheduled Feb 28, 2024.
- Correction does not change any other terms of the merger; Eastern and Cambridge mailed corrected disclosures to shareholders.
- No admission that the prior disclosure was material; correction made to ensure accuracy.