Comscore to exchange Series B Preferred for Series C Preferred and common stock with Charter, Liberty, and Cerberus
COMSCORE, INC.
- Each stockholder exchanges 31,928,301 Series B shares for 4,223,621 Series C shares (liquidation pref $14.50/sh) and 3,286,825 common shares.
- Closing requires stockholder approval; Board will consist of 7 members post-closing with designees from each stockholder and 3 unaffiliated directors.
- Common shares issued in exchange subject to 6-month lockup unless price >= $12.50; Series C convertible at holder option with 49.99% beneficial ownership cap.
- Company to pay each stockholder $2 million cash on June 30, 2028 upon closing; Financing Agreement amended to permit the exchange.
- Series C carries neutral voting cap of 16.66% per holder and mandatory conversion if VWAP exceeds threshold within six months post-closing.