WARRANTS MAY BE EXERCISED WITH CASH UNTIL
5:00 P.M. EDT ON JULY 5, 2023
RADNOR,
Pa., June 16, 2023 /PRNewswire/ -- Triumph
Group, Inc. ("TRIUMPH" or the
"Company") (NYSE: TGI) is hereby issuing an irrevocable notice of
redemption for all the outstanding warrants (CUSIP 896818 119) it
previously issued (the "Warrants"). The redemption date shall be
July 6, 2023, (the "Redemption Date")
and the redemption price shall be 1/10 of $0.01 per Warrant (the "Redemption Price"). On
the Redemption Date, the Redemption Price with respect to each
Warrant will become due and payable to the respective Warrant
holder.
Warrant holders may exercise their Warrants with cash until
5:00 p.m. Eastern Daylight Time
("EDT") on July 5, 2023, which is the
business day immediately preceding the Redemption Date. After the
close of business at 5:00 p.m. EDT
today, June 16, 2023, Warrant holders
will no longer have the right to exercise their Warrants with
Designated Notes (currently, the only Designated Notes are
TRIUMPH's 7.750% Senior Notes due
August 15, 2025) or exercise the
Over-Exercise Option (as defined in the warrant agreement dated
December 19, 2022). Any
exercise notices validly submitted by 5:00
p.m. EDT today indicating that Designated Notes will be used
to pay the exercise price for the Warrants will be considered a
timely exercise of such Warrants using Designated Notes so long as
the Designated Notes are surrendered through DTC's deposit and
withdrawal at custodian (DWAC) system as promptly as practicable
(as determined by the Company).
The Warrants currently trade on OTC and are expected to be
delisted from OTC on July 3, 2023 to
allow for settlement of trades prior to the Redemption Date.
Subject to the below, the settlement date for any exercises of
warrants will be two business days after the date of exercise.
Warrant holders who exercise any Warrants beginning on
June 20, 2023, through 5:00 p.m. EDT on July 5,
2023, may also subscribe for additional Warrants pursuant to
the terms of the Over-Subscription Privilege (as defined in the
warrant agreement dated December 19,
2022). All Over-Subscription Privilege requests submitted
will settle two business days after the Redemption Date.
On June 7, 2023, the Company
announced that it intended to issue this notice of redemption.
About TRIUMPH
TRIUMPH, headquartered in
Radnor, Pennsylvania, designs,
engineers, manufactures, repairs, and overhauls a broad portfolio
of aerospace and defense systems, subsystems, and components. The
Company serves the global aviation industry, including original
equipment manufacturers and the full spectrum of military and
commercial aircraft operators through the aircraft life cycle.
Forward Looking Statements
Statements in this release which are not historical facts are
forward-looking statements within the meaning of the federal
securities laws. Words such as "anticipate(s)," "expect(s),"
"intend(s)," "plan(s)," "believe(s)," "plan(s)," "may," "will,"
"would," "could," "should," "seek(s)," "forecast(s)," and similar
expressions, or the negative of these terms, are intended to
identify such forward-looking statements, including but not limited
to, the delisting and settlement of the Warrants. These statements
are not guarantees of future performance, condition or results, and
involve risks and uncertainties which could affect the Company's
actual results and could cause its actual results to differ
materially from those expressed in any forward-looking statements
made by, or on behalf of, the Company. Further information
regarding the important factors that could cause actual results to
differ from projected results can be found in the Company's reports
filed with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the fiscal year ended March 31, 2023.
More information about TRIUMPH
can be found on the company's website at www.triumphgroup.com.
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SOURCE Triumph Group