On January 16, 2020, Verso Corporation announced that promptly following the consummation of the proposed sale of the Company's Androscoggin and Stevens Point mills to Pixelle Specialty Solutions, the Company Board intends to return net proceeds from the Pixelle transaction to stockholders in an aggregate amount of up to $282 million and not less than $225 million. The Company stated that it provides additional detail on allocation of net proceeds from Pixelle transaction. The Company added that it urges stockholders to vote for the Pixelle transaction and for all of the Company Director nominees on the Company’s proxy card to ensure opportunity to receive net proceeds from the transaction.