Twitter will be delisted from the New York Stock Exchange on November 8
Ivan Mehta 3 days
Twitter’s stock will be delisted from the New York Stock Exchange on November 8, according to a new filing with the U.S. Securities and Exchange Commission. This comes a day after Elon Musk completed the company’s takeover after a lengthy ordeal late Thursday. Incidentally, the delisting is taking place on the same date as the U.S. midterm elections.
“The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on November 08, 2022, pursuant to the provisions of Rule 12d2-2 (a),” the filing reads.
It also indicated that the merger between Twitter and Musk’s subsidiary X Holdings II, Inc. was complete. Musk’s X Holdings I, Inc. will now own all the stock of the social network.
“The merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Elon R. Musk became effective on October 27, 2022. Each share of Twitter, Inc. Common Stock was exchanged for USD 54.20 in cash, without interest and less any applicable withholding taxes. The Exchange also notifies the Securities and Exchange Commission that as a result of the above-indicated conditions this security was suspended from trading before market open on October 28, 2022.”
At the time of writing, Twitter’s stock was trading at $53.70 — slightly lower than Musk’s buying price of $54.20. Twitter won’t have to make quarterly disclosures like its monthly active users or its earnings as a private company. But financial institutions that have lent money to Musk will pressure the billionaire to make the company profitable.
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more: https://techcrunch.com/2022/10/28/twitter-will-be-delisted-from-the-new-york-stock-exchange-on-november-8/
Meh.
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