SUGAR LAND, Texas, May 27, 2021 (GLOBE NEWSWIRE) – CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced the final ratio for the Share Distribution portion (defined below) from its previously announced special dividend of $ 492 million, which is payable in a combination of cash and common shares of Delek US Holdings, Inc. (“Delek”) held by the Company (the “Distribution of shares”). The special dividend will be paid on June 10, 2021 (the “Distribution Date”). Upon the distribution of shares, the Company will distribute 0.1048 common share of Delek for each common share of the Company outstanding at the close of business on May 26, 2021 (the “Record Date”). The final share payout ratio was calculated by dividing the 10,539,880 common shares of Delek to be distributed by 100,530,599 common shares of CVR Energy outstanding at the close of business on the record date. No fractional Delek common share will be distributed. Instead, shareholders will receive cash in lieu of any fractional Delek common stock that they would otherwise have received. The Company intends to announce the amount of cash per share of its common stock to which each of its shareholders will be entitled on the Distribution Date.
Shareholders should consult their tax advisers regarding the US federal, state, local and foreign tax consequences of the special dividend. The distribution of the common shares of Delek will be in book-entry form and no physical share certificates will be issued.
An information statement describing the special dividend will be included as an attachment to a current report on Form 8-K to be filed by the Company with the United States Securities and Exchange Commission (the “SEC”). No action is required from the shareholders of CVR Energy to receive the special dividend. CVR Energy shareholders do not need to pay any consideration, transfer or switch your CVR Energy common shares.
Additional information on the special dividend, including a copy of the disclosure statement, will be posted on CVR Energy’s website at https://cvrenergy.gcs-web.com.
Forward-looking statements and opinions
This press release may contain 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. Statements regarding current estimates, expectations and projections regarding future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters that are not historical facts are “forward-looking statements” as that term is defined under federal securities laws. These forward-looking statements include, without limitation, statements regarding the future issuance and payment of a special dividend in cash and / or Delek shares (if any), including the amount, timing, ratio , the process and its impact; and other questions. You can generally identify forward-looking statements by using forward-looking terminology such as “prospect”, “anticipate”, “believe”, “continue”, “might”, “estimate”, “expect”, “explore”, ” evaluate ”,“ intend ”,“ may ”,“ could ”,“). comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including the health and economic effects of COVID-19, the rate of any economic improvement, demand for fossil fuels, price volatility of crude oil, other materials. raw and refined products (among others); the Company’s ability to pay cash dividends; the costs of complying with existing or new laws and regulations and the potential liabilities arising therefrom; and other risks. For more information on risk factors that may affect our results, please see risk factors and other information included in our most recent annual report on Form 10-K, all quarterly reports subsequently filed on Form 10- Q and our other documents filed with the SEC. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied herein. In view of these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the refining and marketing of petroleum through its stake in CVR Refining and in the manufacture of nitrogen fertilizers through its stake in CVR Partners, LP. The subsidiaries of CVR Energy serve as general partner and own 36% of the common shares of CVR Partners.
Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of its site. Web. CVR Energy may use these channels to disseminate important information about the Company and to communicate important information about the Company, company initiatives and other matters. The information that CVR Energy publishes on its website could be considered material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to consult the information published on its website.
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CVR Energy, Inc.
CVR Energy, Inc.