CVR Energy, Inc. ("CVR Energy" or the "Company") (NYSE:CVI) today announced that it has determined the amount of cash per share of its common stock to which each of its stockholders is entitled in connection with the previously announced special dividend of $492 million, to be paid in a combination of cash (the "Cash Distribution") and the common stock of Delek US Holdings, Inc. ("Delek") held by the Company (the "Stock Distribution"). The Company will distribute an aggregate amount of approximately $242 million, or $2.40 per share of the Company's common stock, pursuant to the Cash Distribution and 10,539,880 shares of Delek common stock, which represented approximately 14.3% of the outstanding shares of Delek common stock, pursuant to the Stock Distribution.
The Stock Distribution was made today in the form of a pro rata common stock dividend to each share of the Company's common stock outstanding as of May 26, 2021 (the "Record Date"). Based on the shares of the Company's common stock outstanding as of the close of business on the Record Date, the Company distributed approximately 0.1048 of a share of Delek common stock for each share of the Company's common stock outstanding as of the Record Date. No fractional shares of Delek common stock were distributed. Instead, stockholders will receive cash in lieu of any fractional share of Delek common stock that they otherwise would have received.
The final amount of the Cash Distribution portion of the special dividend, approximately $242 million, was determined after market close today, based on the difference between $492 million and approximately $250 million, which was the value of the Stock Distribution as of June 10, 2021. Each holder of shares of the Company's common stock outstanding as of the Record Date is entitled to receive a pro rata portion of the final amount of the Cash Distribution. Based on the shares of the Company's common stock outstanding as of the close of business on the Record Date, such common stockholders shall receive $2.40 per share for each share of the Company's common stock held as of the Record Date.
The New York Stock Exchange ("NYSE") has determined that CVR Energy's shares will trade with "due-bills" representing an assignment of the right to receive the special dividend through the ex-dividend date of June 11, 2021, the first business day following the Distribution Date. Stockholders who sell their shares on or before the Distribution Date will not be entitled to receive the special dividend. Due-bills obligate a seller of shares to deliver the dividend payable on such shares to the buyer. The due-bill obligations are settled customarily between the brokers representing the buyers and sellers of the shares. CVR Energy has no obligation for either the amount of the due-bill or the processing of the due-bill. Buyers and sellers of CVR Energy's shares should consult their broker before trading to be sure they understand the effect of the NYSE's due-bill procedures.
An information statement describing the special dividend was included as an exhibit to a Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") on June 1, 2021. Additional information on the special dividend, including a copy of the information statement, was posted to CVR Energy's website at https://cvrenergy.gcs-web.com.