Comscore Completes Recapitalization Transaction with Preferred Stockholders Following Approval from Common Stockholders

Core Insights - Comscore has completed a recapitalization transaction with its preferred stockholders, enhancing financial flexibility and corporate governance [1][2] - The recapitalization eliminates an annual preferred dividend of $18 million and aligns interests among stockholders [1][2] Financial Details - Preferred stockholders exchanged 31,928,301 Series B preferred shares for 3,286,825 shares of common stock and 4,223,621 shares of new Series C preferred stock [2] - The transaction involved the issuance of 9,860,475 shares of common stock and 12,670,863 shares of Series C preferred stock, eliminating all Series B preferred stock [2] - The recapitalization implied an exchange of $80.8 million of existing liquidation preference for common stock at an effective price of $8.19 per share, a nearly 50% premium to the 90-day VWAP of $5.465 per share [2] - Additionally, $183.7 million of remaining liquidation preference was exchanged for Series C preferred stock at a price of $14.50 per share, with the new preferred stock being convertible into common stock at a 1:1 rate and paying no annual dividends [2] Strategic Positioning - The recapitalization is viewed as a pivotal moment for Comscore, positioning the company for long-term growth and investment in media transformation through AI [2] - The improved capital structure aims to increase market interest in Comscore's common stock and enhance public market capitalization [2]