07:48 AM EDT, 06/14/2024 (MT Newswires) -- Algonquin Power & Utilities ( AQNB ) late on Thursday announced the settlement rate for the share purchase contracts that are part of its outstanding corporate units issued in June 2021.

Algonquin said holders of corporate units will receive 3.3439 shares of the company for each share purchase contract they hold, which results in an effective issuance price of $14.9526 per share.

Upon settlement of all outstanding share purchase contracts, Algonquin said it will receive $1.15 billion in exchange for about 76.9 million shares.

On June 17, Algonquin said each corporate unit holder of record on June 1 will receive the final quarterly cash distribution of $0.96875 payable per corporate unit. The company will also voluntarily delist the corporate units from the NYSE.