On April 12, 2024, shareholders of United States Steel Corporation (ticker symbol: X) will cast their votes on a proposed merger with 2023 Merger Subsidiary, Inc., a fully owned entity of Nippon Steel North America, Inc. and Nippon Steel Corporation. Should the merger receive approval and be finalized, each share of United States Steel's common stock will be exchanged for a cash payment of $55.00. The contract adjustment, which will make this cash payment the new deliverable per contract, is slated to take effect on the first business day following the merger's completion, anticipated in either Q2 or Q3 of 2024. The cash settlement for X/1X options will be processed through the Options Clearing Corporation's (OCC) system, with settlements reflecting the difference between the...Show More

On April 12, 2024, shareholders of United States Steel Corporation (ticker symbol: X) will cast their votes on a proposed merger with 2023 Merger Subsidiary, Inc., a fully owned entity of Nippon Steel North America, Inc. and Nippon Steel Corporation. Should the merger receive approval and be finalized, each share of United States Steel's common stock will be exchanged for a cash payment of $55.00. The contract adjustment, which will make this cash payment the new deliverable per contract, is slated to take effect on the first business day following the merger's completion, anticipated in either Q2 or Q3 of 2024. The cash settlement for X/1X options will be processed through the Options Clearing Corporation's (OCC) system, with settlements reflecting the difference between the strike amount and the cash deliverable. Additionally, equity stock option contracts adjusted for cash-only delivery will experience an accelerated expiration date in accordance with OCC Rule 807. The OCC has issued a disclaimer stating that while they provide a summary of corporate events for market convenience, they do not guarantee the summary's accuracy or completeness, especially in terms of investment decision-making. Investors are advised to independently verify all information related to the corporate event. Adjustments to options and futures are determined by the OCC on a case-by-case basis and may change as new information becomes available or if there are significant changes to the corporate event terms.