3M Shares Rise 5.4% After Expanding Amazon Data Center Relationship

3M Company shares rose 5.4% in after-hours trading Monday after expanding its relationship with Amazon to supply optical connectivity and other data center products, with a stock warrant tied to the arrangement. 3M issued a seven-year warrant giving an Amazon subsidiary the right to buy up to 3,162,015 shares at $164.89 each. The subsidiary receiving the warrant is separate from the Amazon subsidiary involved in the commercial agreement. Vesting of 85% of the warrant shares depends on cumulative payments for the covered products. That portion would fully vest if payments reach $6 billion. The threshold does not represent a commitment by Amazon to spend that amount. The remaining shares are tied to event-based milestones. 3M shares were up 5.4% at 8 p.m. ET Monday (00:00 UTC Tuesday).

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