Dish Network convertible notes become convertible into shares of EchoStar

DishNetwork (DISH) announced that, in connection with the closing of the merger between Dish and EchoStar (SATS) on December 31, 2023, as a result of which Dish survived the merger as a wholly owned subsidiary of EchoStar, Dish’s 2.375% Convertible Notes due 2024, 0% Convertible Notes due 2025 and 3.375% Convertible Notes due 2026 have become convertible into shares of EchoStar Class A common stock, par value $0.001 per share. The Notes were previously convertible into shares of Dish Class A common stock, par value $0.01 per share. Upon the closing of the merger, each then-outstanding share of Dish Common Stock was converted into the right to receive 0.350877 shares of EchoStar Common Stock, resulting in an adjusted Conversion Rate of 4.2677 for the 2024 Notes, 8.5657 for the 2025 Notes and 5.3835 for the 2026 Notes. As a result of the merger, holders of the Notes may surrender all or any portion of their Notes for conversion at any time from or after the open of business on January 2, 2024 until the close of business on the 35th Trading Day after the date of the merger, which is expected to be February 21, 2024. In addition, holders of the 2024 Notes currently have the right to surrender all or any portion of their Notes for conversion at any time prior to the close of business on the second Scheduled Trading Day immediately preceding March 15, 2024.