Stagwell to convert series 6, series 8 preferreds into stock

By Mary-Katherine Stinson

Lexington, Ky., Sept. 23 – Stagwell Inc. has announced it will convert all its outstanding series 6 and series 8 convertible preferred stock into shares of the company’s class A common stock on Oct. 7, according to a company release.

The 50,000 outstanding shares of series 6 preferred stock will be converted into 12,086,700 shares of class A stock.

The 73,849 outstanding shares of series 8 preferred stock will be converted into 20,948,746 shares of class A stock.

The purpose of the conversion is to simplify the company’s capital structure.

Stagwell is a marketing services company based in New York.

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