QUINCY, Ill.—Titan International Inc. has reincorporated in Delaware, but it's business as usual otherwise.
The company is notifying shareholders that each outstanding share of Titan's common stock will be converted automatically into one share of common stock of a newly formed Delaware corporation named “Titan International Inc.” The company also said each stock certificate representing issued and outstanding shares of the former Illinois-domiciled Titan will represent the same number of shares of the Delaware-based Titan.
The tire and wheel maker will continue to be listed on the New York Stock Exchange under the symbol TWI.
Titan shareholders approved the move to reincorporate from the state of Illinois at their June 4 annual meeting.
Titan's board proposed the move in early May in order to take advantage of Delaware's “comprehensive, flexible corporate laws responsive to the legal and business needs of corporations.”