Under Armour Creates New Non-Voting Class C Stock

(RTTNews) - Under Armour, Inc. (UA) said Monday that its Board of Directors has approved the creation of a new class of non-voting common stock, the Class C common stock.

Under Armour expects to issue Class C stock through a stock dividend to all existing holders of Under Armour's Class A and Class B common stock, which will have the same effect as a two-for-one stock split. Each holder of a share of Class A or Class B stock will receive one share of the new Class C stock.

Except for voting rights, the Class C stock will have the same rights as the existing Class A stock. Application to the New York Stock Exchange will be made to list the new Class C stock, which will trade under a different ticker symbol than Under Armour's existing Class A stock. The ticker symbol for the Class C stock and the record date for the stock dividend have not been determined.

Prior to the dividend occurring, the Board has called a special meeting of Under Armour's stockholders expected to be held on August 26 to approve certain amendments to Under Armour's charter, which are being recommended for approval by the Board in connection with the creation of the Class C stock.