THE WOODLANDS, Texas, July 23, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) ("the Company" or "HHH") announced today that outstanding shares of common stock of Seaport Entertainment Group Inc. ("Seaport Entertainment") will be traded on the NYSE American stock exchange ("NYSE American") following their distribution to HHH common stockholders (the "Distribution") of record at the close of business on July 29, 2024 (the "Record Date"). The Distribution is expected to be payable after market close on July 31, 2024 (the "Distribution Date"). This is a change from the previous announcement on Thursday, July 18, 2024, which stated that Seaport Entertainment common stock would trade on the New York Stock Exchange ("NYSE").
HHH now expects "when-issued" trading of Seaport Entertainment common stock to begin on July 29, 2024, on NYSE American under the symbol "SEG WI." The "when-issued" trading market is a market for the yet-to-be-issued shares of Seaport Entertainment common stock that will be distributed to holders of HHH common stock on the Distribution Date. "Regular-way" trading of Seaport Entertainment common stock is expected to begin on NYSE American on August 1, 2024, under the symbol "SEG."
Shares of HHH common stock will continue to trade "regular way" on the NYSE under the symbol "HHH" through the Distribution Date. HHH expects that, beginning July 29, 2024, there will be two markets in HHH common stock on the NYSE: "regular way" under the symbol "HHH" and "ex-distribution" under the symbol "HHH WI." Prior to the Distribution Date, shares of HHH common stock that trade in the "regular way" market will trade with the right to receive shares of Seaport Entertainment common stock on the Distribution Date. Shares of HHH common stock that trade in the "ex-distribution" market will trade without the right to receive shares of Seaport Entertainment common stock on the Distribution Date. Holders of HHH common stock are encouraged to consult with their financial advisors regarding the specific implications of selling HHH common stock on or before the Distribution Date.
As previously reported, an Information Statement containing details regarding the Distribution and Seaport Entertainment's business and management following the consummation of the Distribution will be mailed to HHH stockholders prior to the Distribution Date. The Distribution remains subject to the satisfaction or waiver of customary conditions, including the Securities and Exchange Commission ("SEC") having declared Seaport Entertainment's Registration Statement on Form 10, as amended (the "Registration Statement"), effective. The Registration Statement has been filed with the SEC and is available at the SEC's website at www.sec.gov, as described in the Information Statement.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia® in Maryland; The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Ward Village® in Honolulu, Hawai?i; and Teravalis in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "enables," "realize," "plan," "intend," "assume," "transform" and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.'s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Contacts:
Howard Hughes Holdings Inc.
Media Relations
Cristina Carlson, 646-822-6910
Senior Vice President, Head of Corporate Communications
cristina.carlson@howardhughes.com
Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com
