Comerica Incorporated Issues Reminder Regarding Expiration of Legacy Sterling Warrants
Nov 30, 2018
DALLAS, Nov. 30, 2018 /PRNewswire/ -- Comerica Incorporated (the "Company") (NYSE: CMA) today reminded holders of warrants issued by Sterling Bancshares, Inc. on December 12, 2008 to purchase common stock (OTC Pink: CMP.WW; CUSIP number 200340 123) (the "Warrants") that the Warrants will expire on Wednesday, December 12, 2018. Warrants will be exercisable until the Depository Trust & Clearing Corporation's ("DTCC") cutoff time for exercises on that date. FINRA will suspend trading in the Warrants after the close of trading on December 7, 2018 so that all trades can be settled by December 12, 2018.
The Warrants were originally issued to the U.S. Department of the Treasury in December 2008 and were sold to the public in an auction process in June 2010. As a result of the acquisition of Sterling Bancshares, Inc. by the Company in July 2011, the Warrants became exercisable for shares of the Company. As of November 29, 2018, there were approximately 97 thousand Warrants outstanding for an equivalent of approximately 23 thousand shares of the Company's common stock. Each Warrant entitles the holder to purchase 0.24 of a share of the Company's common stock at an exercise price of $7.123 per share (or the equivalent of $29.679 per share of the Company's common stock). Further information on the Warrants is available in the Investor Relations section of the Company's website (www.comerica.com).
Holders of Warrants who wish to exercise their Warrants should contact the broker or custodian through which they hold their Warrants for instructions. Brokers and custodians are encouraged to contact the warrant agent, Equiniti Trust Company, or DTCC well in advance of the expiration date and DTCC's cutoff time on December 12, 2018 to confirm the procedures for exercising Warrants.
Any Warrant not exercised prior to the cutoff time on December 12 will expire and be canceled, and the holder will not receive any shares of the Company's common stock for its unexercised Warrants.
The Company's other outstanding series of warrants (NYSE: CMA WS; CUSIP No. 200340 115) expired on November 14, 2018.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
SOURCE Comerica Incorporated
For further information: MEDIA CONTACT: Yolanda Walker, (214) 462-4463, or INVESTOR CONTACTS: Darlene Persons, (214) 462-6831, Chelsea Smith, (214) 462-6834