Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 288

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 288
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 quarter. All 250,000 authorized shares were issued in 2021, at the share’s $1,000 stated value. The Company incurred $4.2 million of direct issuance costs, which were recorded as a reduction of the carrying amount of the preferred stock. During the period from April 1, 2021 to December 31, 2021, the Company declared and paid cumulative dividends of $24.3 million on the preferred stock ($272.02 per share). During 2022, the Company redeemed $66.4 million stated value preferred stock, and paid related accrued and unpaid dividends through the date of redemption of $8.6 million ($129.10 per share). The excess of redemption value over carrying value of preferred stock was $1.1 million, which is reflected as a reduction to the net loss attributable to common stockholders. During 2023, the Company redeemed the remaining preferred stock at its $183.6 million stated value, plus all declared and unpaid dividends of $49.9 million ($97.17 per share). The excess of redemption value over carrying value of preferred stock was $3.1 million, which is reflected as a reduction to net income attributable to common stockholders. During the years ended December 31, 2023, 2022 and 2021, the cumulative preferred dividends of the preferred stock was $25.8 million, $32.7 million and $24.3 million, respectively. The unpaid dividends are not recorded as a liability, due to their classification as permanent equity. These amounts do however reduce the net income (loss) attributable to common stockholders in the respective periods, see Note 19-EarningsPer Share. Since all shares had been redeemed as of December 31, 2023, no preferred stock were outstanding and there were no remaining dividends due. Common Stock Each share of common stock entitles the record holder to one vote on all matters submitted to a vote of the Company’s shareholders. Common shareholders are also entitled to dividends when and if declared by the Company’s Board of Directors. During the period from February 3, 2021 to December 31, 2021, the Company paid dividends of $737.0 million, or $716.44 per share, to the Company’s common stockholders. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (“AOCI”) represents gains and losses affecting shareholder’s equity that are not reflected in the Consolidated Statements of Operations. The balances