KLX Announces Spin-Off Trading Information
WELLINGTON, Fla., Aug. 28, 2018 (GLOBE NEWSWIRE) -- In connection with its previously announced spin-off of KLX Energy Services Holdings, Inc. (“KLX Energy Services”), KLX Inc.(“KLX” or the “Company”) (NASDAQ: KLXI) today announced that it has been informed by NASDAQ about certain key dates relating to trading in common stock of KLX Energy Services and KLX in connection with the spin-off. As previously announced, the record date for the distribution of KLX Energy Services common stock to KLX shareholders will be the close of business on Monday, September 3, 2018, and the distribution date will be September 14, 2018.
Starting on Wednesday, August 29, 2018, there will be a when-issued market in KLX Energy Services common stock under the ticker symbol “KLXEV.” This when-issued market will continue until regular-way trading in KLX Energy Services common stock begins under the ticker symbol “KLXE” on September 17, 2018, the first trading day after the distribution date.
Also, starting on Wednesday, August 29, 2018, there will be two markets in KLX common stock: a “regular-way” market and an “ex-distribution” market:
- Regular way market. Shares of KLX common stock that trade on the regular-way market under KLX’s current ticker symbol “KLXI” will trade with an entitlement to shares of KLX Energy Services common stock distributed in the distribution through September 14, 2018.
- Ex-distribution market. Shares of KLX common stock that trade on the ex-distribution market will trade under the ticker symbol “KLXIV” without an entitlement to shares of KLX Energy Services common stock distributed in the distribution. The last day of trading in the ex-distribution market will be September 14, 2018.
KLX received this information from NASDAQ and is providing it as a convenience, but investors are urged to consult with their own financial advisers regarding the specific implications of buying or selling KLX common stock on or before the distribution date.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements, including those regarding the timing and consummation of the transactions described herein, involve risks and uncertainties. The Company’s actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those discussed in the Company’s filings with the SEC, which include its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and in the Form 10 filed in connection with the proposed spin-off of KLX Energy Services. For more information, see the sections entitled “Risk Factors” and “Forward-Looking Statements” contained in the Company’s Annual Report on Form 10-K and its other filings. The forward-looking statements included in this news release are made only as of the date of this news release and, except as required by the federal securities laws and the rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About KLX Inc.
KLX Inc., through its two operating segments, provides mission critical products and complex logistical solutions to support its customers’ high value assets. KLX serves its customers in demanding environments that face high cost of downtime and require dependable, high quality, just-in-time customer support. The Aerospace Solutions Group is a leading distributor and value added service provider of aerospace fasteners and consumables, offering the broadest range of aerospace hardware and consumables and inventory and supply chain management services worldwide. The Energy Services Group provides completion, intervention and production services to the major onshore oil and gas producing regions of the United States, including the Northeast Region (the Marcellus and Utica Shales) as well as the Mid-Continent STACK and SCOOP and Haynesville, the Rocky Mountains Region (the Bakken formation, Williston, DJ, Uinta and Piceance Basins and Niobrara Shale) and the Southwest Region (including the Permian Basin and Eagle Ford Shale), serving the leading companies engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves.
Director, Investor Relations