SCS stock delisted as Steelcase merges into HNI, investors receive cash and HNI shares

SCS stock has been delisted following the completed merger of Steelcase into HNI Corporation, with shareholders receiving a cash component and new HNI shares. The transaction reshapes the office furniture landscape and leaves SCS investors exposed to HNI performance going forward.

Steelcase stock (ISIN US8581552036), previously trading under the ticker SCS on the New York Stock Exchange, has been delisted following the completion of its merger into HNI Corporation, changing the investment profile for former SCS shareholders as of early September 2026.

Merger terms for former SCS shareholders

According to a corporate actions overview compiled by Robinhoods corporate actions tracker on September 3, 2026, Steelcase, Inc. performed a cash and stock merger that resulted in the delisting of SCS pending the transaction close.

The same tracker states that for each share of SCS previously held, shareholders will receive 7.20 dollars in cash and 0.2192 shares of HNI Corporation, with fractional HNI shares retained in investor accounts, a structure that combines an immediate cash payout with ongoing equity exposure to the enlarged furniture group.

This consideration fixes the value of the Steelcase stake at the time of the corporate action and simultaneously converts former SCS investors into HNI shareholders, making HNI Corporation the new vehicle through which they participate in the office furniture and workspace solutions market.

Steelcase fundamentals and integration context

Steelcase, Inc. is described as a global leader in the design and manufacture of workspace furniture and architectural solutions, a position that historically made SCS stock a proxy for trends in office investment and workplace modernization, as summarized by a company profile on MarketBeat.

MarketBeat cites Steelcase reporting quarterly earnings per share of 0.45 dollars for a quarter ended on September 24, 2025, beating a consensus EPS estimate of 0.37 dollars by 0.08 dollars, while revenue for that quarter grew 4.8 percent year over year, illustrating that Steelcase entered the merger from a phase of improving profitability and modest top line growth.

In the same source, Steelcase is linked to a December 11, 2025 completion of its acquisition by HNI Corporation, which later reported that consolidated net sales increased 121 percent year over year in the second quarter of 2026 to 1.5 billion dollars, driven by the Steelcase acquisition, as detailed in an earnings release for HNI on September 2, 2026 accessible via Redbook Lumber Data.

That HNI second quarter 2026 release shows how Steelcases integration materially expanded HNI’s revenue base, with the 121 percent sales increase compared with the prior year quarter underlining the scale of Steelcase’s contribution to the combined group.

HNI guidance and implied outlook for ex-SCS investors

For investors who accepted the Steelcase merger consideration, the value of their new equity exposure now depends on HNI Corporation’s performance and guidance rather than a standalone SCS quotation.

Data compiled by MarketBeat for HNI Corporation indicates that HNI has set its fiscal year 2026 guidance at 4.150 to 4.330 dollars EPS and its third quarter 2026 guidance at 1.160 to 1.190 dollars EPS, while sell side analysts on average forecast 4.24 dollars EPS for the current fiscal year.

Those figures suggest that the post merger group is expected to generate substantially higher earnings per share than Steelcase reported as an independent company in its September 24, 2025 quarter, where EPS stood at 0.45 dollars, illustrating how scale effects and integration benefits are anticipated to lift profitability.

In addition, MarketBeat notes that HNI shares carry a consensus rating of Moderate Buy with a consensus price target of 65 dollars, providing a sense of how the analyst community currently views the risk reward profile that now indirectly underpins value for former SCS investors.

Steelcase seating portfolio remains central to strategy

Even though SCS stock itself is no longer traded, Steelcase’s core business in high performance seating and workspace solutions remains a key asset within the combined HNI group.

A product overview on Steelcase’s own site titled Discover high performance seating describes the company as a global leader in office furniture, interior architecture and space solutions for offices, hospitals and classrooms, underscoring the breadth of applications that its seating portfolio addresses in the modern workplace and public space environment, as presented on Steelcases high performance seating page.

For investors, the continued focus on ergonomic office chairs and seating systems is relevant because it connects Steelcase’s brand strength to longer term themes such as hybrid work, office redesign and health oriented workplaces, which can influence demand for the combined HNI Steelcase product suite over coming years.

Stock market perspective after the SCS delisting

With SCS delisted in connection with the merger, there is no longer a separate Steelcase quotation or 52 week range to track; instead, former SCS shareholders now monitor HNI Corporation’s share price, market capitalization and earnings trajectory as their primary market reference.

The shift from SCS stock to HNI shares effectively turns a single issuer exposure into part of a broader office furniture platform, and the cash plus stock consideration of 7.20 dollars plus 0.2192 HNI shares per SCS share creates a baseline from which investors can assess subsequent performance of their new HNI position.

Steelcase and SCS instrument facts

• Company: Steelcase Inc.
• ISIN: US8581552036
• Ticker: SCS (delisted, merged into HNI)
• Trading venue: NYSE, now fully integrated into HNI Corporation
• Sector / Industry: Office furniture, workspace solutions
• Index membership: Former regional indexes; now represented through HNI Corporation