Vince McMahon has now taken steps to financially safeguard WWE during the coronavirus situation.
The company has filed a Form 8-K with the Securities and Exchange Commission. This took place today. The goal of this filing was to provide WWE with more liquidity while business takes a hit from the COVID-19 pandemic.
The wording in the filing is as follows:
“Mr. McMahon entered into the variable prepaid forward contract to provide current liquidity while allowing him to maintain voting and ordinary dividend rights in the stock, as well as the ability to participate in future stock price appreciation, during the term of the contract and thereafter if Mr. McMahon settles the variable prepaid forward contract in cash.”
McMahon will maintain his voting rights while ensuring that WWE has funds to operate during this difficult time. The company’s cash flow will still have funds coming in as they deal with the results of the COVID-19 pandemic.
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