Summary by Moomoo AI
Dell Technologies Inc. has reported the issuance of 5,139,967 shares of its Class C common stock upon the conversion of an equal number of Class B common stock shares. The conversions, which took place over a series of dates from March 13 to March 21, 2024, were conducted for several entities under the Silver Lake investment group. As of March 18, 2024, Dell had a total of 305,216,717 Class C common stock shares outstanding. The company's certificate of incorporation allows Class B shareholders to convert their shares to Class C on a one-to-one basis at any time, with automatic conversion under certain conditions. The transactions were executed in accordance with the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, meaning no registration was required for the issuance, and no commission was paid for the exchange. Dell Technologies anticipates that any future conversions of Class B to Class C stock will also be completed without registration, relying on the same exemption.