Altria Exercises Its Option To Be Released From JUUL Non-competition Obligations

Altria Group, Inc. (MO) said the company exercised its option to be released from its JUUL non-competition obligations, resulting in: the permanent termination of the company's non-competition obligations to JUUL; the loss of its JUUL board designation rights; preemptive rights, consent rights and certain other rights with respect to investment in JUUL; and the conversion of the company's JUUL shares to single vote common stock, significantly reducing Altria Group's voting power.

Altria Group noted that, at June 30, 2022, the carrying value of Altria's investment in JUUL was $450 million.

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