Danaos Corp Form 6-K Summary
Business Context and Reporting Period
This Form 6-K filing by Danaos Corporation covers the month of May 2019, with the report dated May 3, 2019. The filing primarily addresses a corporate action regarding the Company's capital structure rather than operational financial results.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the execution of a reverse stock split.
Material Changes
The most significant material change reported is the implementation of a one-for-fourteen reverse stock split of the Company's common stock, effective as of the opening of trading on May 2, 2019.
- Share Count Reduction: Outstanding shares decreased from 213,324,455 to 15,237,456.
- Authorization: The split was approved by stockholders on March 5, 2019, and authorized by the Board of Directors on April 16, 2019.
- Fractional Shares: No fractional shares were issued; stockholders entitled to fractional shares received cash payments in lieu thereof.
- Trading Details: Post-split shares trade on the New York Stock Exchange under the symbol "DAC" with a new CUSIP number (Y1968P 12 1).
- Par Value: The par value of $0.01 per share and other terms remained unaffected.
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, outlook, risks, contingencies, or unusual items. The document serves strictly to disclose the amendment to the Restated Articles of Incorporation and the resulting stock split.
Investor Verification Checklist
- Verify the new CUSIP number (Y1968P 12 1) for post-split shares.
- Confirm the adjusted share count of 15,237,456 in brokerage accounts.
- Check for cash payments received in lieu of fractional shares.
- Review the attached Exhibit 4.1 (Articles of Amendment) for legal details of the split.