Form 4: Viad Corp: Crestview Partners Converts Preferred Stock to Common Stock

Crestview Partners is converting its preferred stock in Viad Corp to common stock, effective December 31, 2024, with settlement on January 3, 2025.

Summary

• Crestview Partners IV GP, L.P., along with affiliated entities, filed a Form 4 regarding changes in beneficial ownership of Viad Corp securities.
• The filing reports the mandatory conversion of 135,000 shares of 5.5% Series A Convertible Preferred Stock into common stock at a conversion price of $21.25 per share, effective December 31, 2024.
• The settlement date for the conversion is January 3, 2025.
• The Crestview Funds collectively hold the preferred stock.
• Brian P. Cassidy, a director and Partner of Crestview, has assigned his restricted stock units (RSUs) to Crestview Advisors, L.L.C.
• The filing also includes a joint filer statement listing all the reporting persons.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing, indicating a planned conversion of stock. Sentiment is neutral as it reflects a procedural event rather than a performance indicator.

Future Outlook

The document does not contain explicit forward-looking statements beyond the conversion settlement date.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and major shareholders, providing transparency to the market.

Stakeholder Impact

• The conversion of preferred stock to common stock may slightly dilute existing shareholders' equity.

Key Dates