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Wednesday, March 5, 2014

Equity Trader Alert #2014 - 24
NASDAQ OMX Outlines Google Corporate Action Symbology Details

Category:

  • Action Required
  • Listing

Markets Impacted:

Products Impacted:

  • All NASDAQ and UTP Data Feeds

Contact Information:

Resources:

Google, Inc. (NASDAQ:GOOG) announced that its Board of Directors approved the distribution of Class C shares to its stockholders. The Google Board of Directors has approved a distribution of shares of the Class C capital stock as a dividend to stockholders with a dividend record date of March 27, 2014 and a dividend payment date of April 2, 2014.

As a result of this complex corporate action, this change will impact trading of Google, Inc. shares and distribution of market data such that market participants and data vendors must be prepared to trade and disseminate data for the new symbols. This change will also have an impact on NASDAQ OMX® Indexes that include Google Class A Shares. Refer to the Frequently Asked Questions document.

Symbol Trading Timeline

March 27 - April 2 April 3
  • GOOG - Class A shares regular way, with entitlement to the class C shares
  • GOOCV - Class C shares when issued
  • GOOAV - Class A shares on an EX Distribution, when issued basis
  • GOOGL - Class A shares
  • GOOG - Class C shares

Key Dates

March 27

From March 27 through April 2, the following symbols will trade:

  • Class A shares per regular way, with entitlement to the class C shares (GOOG)
  • Class C shares when issued (GOOCV)
  • Class A shares on an EX Distribution, when issued basis (GOOAV)

After the close of market on April 2, 2014, NASDAQ OMX will review the closing price of the Class C shares (GOOCV) and make a determination and announcement regarding what the adjustment amount for the Class A shares will be on the EX date of April 3, 2014. On the EX date, April 3rd, the closing price of the Class A shares (new symbol GOOGL) will reflect the adjustment amount.

April 3

Effective on the EX date, April 3, there will be symbol changes:

  • Class A shares will have a symbol change from GOOG to GOOGL. The stock is EX on this date and commences trading at the adjusted price.
  • Class C shares will have a symbol change from GOOCV to GOOG, and commence trading on a regular (T+3) basis. The WHEN ISSUED settlement date would be April 8, 2014.

The market for the Class A shares on an EX Distribution, WHEN ISSUED basis (GOOAV) is suspended because the Class A stock is EX on this date.


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