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Primo Brands Corporation Class A (PRMB+1.19%) has filed a Form 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a merger transaction with Triton Water Parent, Inc., BlueTriton, and Primo Water Corporation, resulting in the formation of Primo Brands Corporation. This merger was structured to allow the company's term loans and senior notes to remain in place.
Primo Brands Corporation reported no significant operations prior to the merger, with the financial statements reflecting activities incidental to its formation and the merger transactions.
As of September 30, 2024, Primo Brands Corporation had not commenced operations and had no significant assets or liabilities. The merger was completed on November 8, 2024.
The filing indicates that the merger is being accounted for as a business combination, with BlueTriton as the accounting acquirer. The fair value of the consideration for the merger was approximately $3.95 billion.
Primo Brands Corporation's financial statements for the period ended September 30, 2024, reflect the results of BlueTriton and Primo Water prior to the merger.
The filing also discloses that Primo Brands Corporation declared a quarterly dividend of $0.09 per share on its Class A and Class B common stock, payable on December 5, 2024.
The company identified a material weakness in its internal controls over financial reporting, citing a lack of resources with SEC financial reporting experience.
Primo Brands Corporation plans to focus on its branded beverage offerings across North America, leveraging its extensive portfolio of recognizable brands.
The company also reported a net loss of $2 thousand for the period from June 10, 2024, through September 30, 2024, with no significant cash flows from operating, investing, or financing activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Primo Brands Corporation Class A quarterly 10-Q report dated December 17, 2024. To report an error, please email earnings@qz.com.