Subsequent Events |
9 Months Ended |
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Sep. 30, 2017 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events:
On September 29, 2017, the Company’s common stock began trading on the New York Stock Exchange under the symbol “PQG”. On October 3, 2017, the Company completed the IPO of its common stock at a price to the public of $17.50 per share. The Company issued and sold 29,000,000 shares of common stock in the IPO. The Company raised net proceeds of approximately $480,525 from the IPO, after deducting underwriting discounts, commissions and related offering expenses, net of reimbursements. The Company used the net proceeds of the IPO to repay debt together with accrued and unpaid interest and applicable redemption premiums (see Note 12 to these condensed consolidated financial statements for further information).
In connection with the reclassification, stock split and conversion transactions associated with the IPO related to the Company’s Class A and Class B common stock (see Note 1 to these condensed consolidated financial statements for further information), the Company’s outstanding restricted stock and stock option awards were converted on the same basis, including equivalent adjustments to the respective exercise prices with respect to the stock option awards. The vesting and other terms of the restricted stock and stock option awards were otherwise unchanged. In connection with the IPO, the Company’s board of directors adopted the PQ Group Holdings Inc. 2017 Omnibus Incentive Plan (the “2017 Plan”), with all future equity awards of the Company to be issued under the 2017 Plan. On October 2, 2017, the Company granted the following equity awards related to its common stock to certain of its officers, employees and directors in connection with the IPO: 1,654,685 restricted stock units; 621,747 stock options; and 21,067 stock awards. The restricted stock units and stock options are subject to service vesting conditions, while the stock awards were immediately vested upon grant.
The Company has evaluated subsequent events since the balance sheet date and determined that, other than the items noted above, there are no additional items to disclose.
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