Danaos Corporation (“Danaos”) (NYSE:DAC) announced today that its Board of Directors (the “Board”) has approved a dividend reinvestment plan (the “plan”). The plan offers holders of Danaos common stock the opportunity to purchase additional shares by having their cash dividends automatically reinvested in Danaos common stock. Participation in the plan is optional, and stockholders who decide not to participate in the plan will receive cash dividends, as declared and paid. All dividends with respect to Danaos’s common stock are payable only when, as and if declared by the Board.
The following is a summary of the key attributes of the plan. The terms and conditions of the plan are set forth under the heading “Description of Plan” in the prospectus available as part of the registration statement filed by Danaos with the Securities and Exchange Commission (the “SEC”) on the SEC’s website, EDGAR (http://www.sec.gov). Stockholders should read the plan prospectus carefully before electing to participate in the plan or invest in Danaos common stock.
The plan will be administrated by American Stock Transfer & Trust Company, LLC (the “Administrator”), Danaos’s transfer agent. At Danaos’s discretion, the Administrator will make such purchases directly from Danaos, on the open market, through privately negotiated transactions or by a combination of the foregoing. Purchases directly from Danaos may be eligible for a discount of up to 5% from the otherwise applicable purchase price, but any such discount is to be determined by the Board, in its sole discretion, and may be changed or discontinued at any time without notice to plan participants. Danaos has instructed the Administrator that, until further notice, all purchases under the plan shall be made directly from Danaos at a discount of 3% to the Market Price (as defined in the plan).
Plan enrollment materials and information will be distributed to the Danaos’s stockholders of record. Record owners of Danaos common stock may participate in the plan by submitting a properly completed plan enrollment form to the Administrator. Beneficial owners of Danaos common stock may participate in the plan either by becoming a record owner in respect of the shares they would like to enroll in the plan and then submitting a properly completed enrollment form to the Administrator or by arranging for the broker, bank or other nominee that is the record owner in respect of such shares to participate in the plan on their behalf. If a plan enrollment form is received by the Administrator on or prior to the record date established for a particular dividend, reinvestment will commence with that dividend. Enrollment forms of stockholders who wish to participate in the plan for the dividend declared on May 10, 2021 must be received by the Administrator no later than May 27, 2021. For more information on how to enroll or any other inquiries, contact the Administrator by phone at (800) 278-4353 or via the Internet at www.astfinancial.com.
The offering is being made only by means of a prospectus. Danaos has filed a registration statement (including the prospectus) relating to the plan with the SEC. A copy of the registration statement (including the prospectus) is available electronically from EDGAR (http://www.sec.gov) and may also be obtained from the Administrator by phone at (800) 278-4353 or via the Internet at www.astfinancial.com.
This release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.