3M Issues Amazon Warrant for 3.2M Shares in Expanded Commercial Relationship
Dow Jones05:21
3M is expanding its commercial relationship with Amazon, issuing the company a warrant to buy up to 3.2 million shares at a price of $164.89.
The company on Monday said it had entered an expanded strategic commercial relationship with an Amazon subsidiary, while granting the warrant to a separate subsidiary.
Some 85% of the shares covered by the seven-year warrant will vest as Amazon pays for data center products from 3M, including optical connectivity products, with the full amount vesting once Amazon hits $6 billion in payments.
The remaining 15% of the shares vest subject to event-based milestones.
Shares of 3M gained 3.7% to $168 after-hours trading on Monday.
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