Howard Hughes Holdings Inc. Announces Change to Seaport Entertainment Group Inc.’s Post-spinoff Stock Exchange
Howard Hughes Holdings Inc. (NYSE: HHH) has announced a change in the post-spinoff stock exchange for Seaport Entertainment Group Inc. Instead of the previously announced NYSE, Seaport Entertainment will now trade on the NYSE American stock exchange. The distribution of Seaport Entertainment shares to HHH stockholders is scheduled for July 31, 2024, with a record date of July 29, 2024.
'When-issued' trading of Seaport Entertainment stock is expected to begin on July 29, 2024, under the symbol 'SEG WI'. Regular trading will commence on August 1, 2024, under 'SEG'. HHH shares will continue trading on NYSE as usual. The spinoff remains subject to customary conditions, including SEC approval of Seaport Entertainment's Registration Statement on Form 10.
Howard Hughes Holdings Inc. (NYSE: HHH) ha annunciato una modifica nell'exchange post-scissione per Seaport Entertainment Group Inc. Invece del NYSE precedentemente annunciato, Seaport Entertainment sarà ora quotata sul mercato azionario NYSE American. La distribuzione delle azioni di Seaport Entertainment agli azionisti di HHH è programmata per 31 luglio 2024, con una data di registrazione del 29 luglio 2024.
Il trading 'when-issued' delle azioni di Seaport Entertainment è previsto per 29 luglio 2024, sotto il simbolo 'SEG WI'. Il trading regolare inizierà il 1 agosto 2024, sotto 'SEG'. Le azioni di HHH continueranno a essere negoziate sul NYSE come di consueto. La scissione rimane soggetta a condizioni consuete, tra cui l'approvazione della SEC per la Dichiarazione di Registrazione di Seaport Entertainment sul Modulo 10.
Howard Hughes Holdings Inc. (NYSE: HHH) ha anunciado un cambio en el mercado de valores post-separación para Seaport Entertainment Group Inc. En lugar del NYSE previamente anunciado, Seaport Entertainment ahora cotizará en el mercado de valores NYSE American. La distribución de las acciones de Seaport Entertainment a los accionistas de HHH está programada para el 31 de julio de 2024, con una fecha de corte del 29 de julio de 2024.
Se espera que el comercio 'when-issued' de las acciones de Seaport Entertainment comience el 29 de julio de 2024, bajo el símbolo 'SEG WI'. El comercio regular comenzará el 1 de agosto de 2024, bajo 'SEG'. Las acciones de HHH seguirán cotizando en el NYSE como de costumbre. La separación sigue sujeta a condiciones habituales, incluida la aprobación de la SEC para la Declaración de Registro de Seaport Entertainment en el formulario 10.
하워드 휴즈 홀딩스 주식회사 (NYSE: HHH)는 시포트 엔터테인먼트 그룹 주식회사의 분할 후 거래소 변경을 발표했습니다. 이전에 발표된 NYSE 대신, 시포트 엔터테인먼트는 이제 NYSE 아메리칸 증권 거래소에서 거래될 것입니다. 시포트 엔터테인먼트 주식의 HHH 주주에 대한 분배는 2024년 7월 31일로 예정되어 있으며, 기록 날짜는 2024년 7월 29일입니다.
'when-issued' 거래는 2024년 7월 29일에 시작될 것으로 예상되며, 기호 'SEG WI' 아래에서 거래됩니다. 정규 거래는 2024년 8월 1일에 'SEG'로 시작될 것입니다. HHH 주식은 계속해서 NYSE에서 정상적으로 거래됩니다. 분할은 또한 시포트 엔터테인먼트의 등록 명세서에 대한 SEC 승인을 포함한 관례적인 조건에 따라 진행됩니다.
Howard Hughes Holdings Inc. (NYSE: HHH) a annoncé un changement dans l'échange boursier post-scission pour Seaport Entertainment Group Inc. Au lieu de l'Euronext NYC précédemment annoncé, Seaport Entertainment se négociera désormais sur le marché boursier NYSE American. La distribution des actions de Seaport Entertainment aux actionnaires de HHH est prévue pour le 31 juillet 2024, avec une date d'enregistrement fixée au 29 juillet 2024.
Le trading 'when-issued' des actions de Seaport Entertainment devrait commencer le 29 juillet 2024, sous le symbole 'SEG WI'. Le trading régulier commencera le 1er août 2024, sous 'SEG'. Les actions de HHH continueront à se négocier sur le NYSE comme d'habitude. La scission reste soumise à des conditions habituelles, y compris l'approbation de la SEC pour la déclaration d'enregistrement de Seaport Entertainment sur le formulaire 10.
Howard Hughes Holdings Inc. (NYSE: HHH) hat eine Änderung an der Börse nach der Abspaltung für die Seaport Entertainment Group Inc. angekündigt. Anstelle der zuvor angekündigten NYSE wird Seaport Entertainment nun an der NYSE American Börse gehandelt. Die Verteilung der Seaport Entertainment-Aktien an die HHH-Aktionäre ist für den 31. Juli 2024 geplant, mit einem Stichtag vom 29. Juli 2024.
Der 'when-issued'-Handel der Aktien von Seaport Entertainment wird voraussichtlich am 29. Juli 2024 unter dem Symbol 'SEG WI' beginnen. Der reguläre Handel beginnt am 1. August 2024 unter 'SEG'. Die HHH-Aktien werden weiterhin wie gewohnt an der NYSE gehandelt. Die Abspaltung bleibt unter den üblichen Bedingungen, einschließlich der Genehmigung der SEC für die Registrierungsbescheinigung von Seaport Entertainment auf Formular 10, vorbehaltlich.
- Seaport Entertainment Group Inc. will be listed on NYSE American, potentially providing better visibility for a smaller cap stock
- The spinoff distribution to HHH stockholders is proceeding as planned, with a clear timeline established
- Change from NYSE to NYSE American might be perceived as a downgrade in listing status
- The complexity of 'when-issued' and 'ex-distribution' trading could confuse some investors
Insights
The decision for Seaport Entertainment Group Inc. to trade on the NYSE American rather than the NYSE is notable. The NYSE American is known for smaller companies with lower trading volume compared to the NYSE. This change might affect investor perception and liquidity of Seaport Entertainment's stock. Liquidity refers to how easily shares can be bought or sold without affecting the stock price. Trading on NYSE American could mean lower liquidity and higher volatility for SEG.
For retail investors, this means the stock might experience more significant price swings. As an immediate implication, investors should be cautious about potential price volatility during the initial trading periods. Over the long term, Seaport Entertainment will need to demonstrate solid business performance to attract investors and improve liquidity.
The NYSE American has different listing standards and attracts a different investor base compared to the NYSE. Companies listed here are often in earlier growth stages, which could be a strategic move by HHH to position Seaport Entertainment as a growth stock. For investors, it's important to understand that while this might bring speculative trading and potential for high returns, it also comes with higher risk.
Investors should look at Seaport Entertainment's business fundamentals and growth prospects outlined in the upcoming Information Statement. Evaluating these details can help assess whether the potential high rewards are worth the associated risks. This change signals that Seaport Entertainment may be in a more formative stage than initially perceived.
From a legal perspective, the transfer to NYSE American also implies compliance with its unique regulatory requirements. Investors should be aware that NYSE American-listed companies might have different disclosure obligations and governance standards compared to NYSE-listed entities. While these standards are still rigorous, they might not be as stringent as those of the NYSE.
The 'when-issued' trading of Seaport Entertainment shares starting on July 29, 2024, also necessitates careful deliberation. This market allows trading of shares before they are formally issued, affecting how investors might position themselves in anticipation of the official trading start on August 1, 2024. Investors should consult with their advisors to understand the tax and investment implications of trading 'when-issued' shares.
Seaport Entertainment Group to Trade on the NYSE American Stock Exchange
THE WOODLANDS, Texas, July 23, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “HHH”) announced today that outstanding shares of common stock of Seaport Entertainment Group Inc. (“Seaport Entertainment”) will be traded on the NYSE American stock exchange (“NYSE American”) following their distribution to HHH common stockholders (the “Distribution”) of record at the close of business on July 29, 2024 (the “Record Date”). The Distribution is expected to be payable after market close on July 31, 2024 (the “Distribution Date”). This is a change from the previous announcement on Thursday, July 18, 2024, which stated that Seaport Entertainment common stock would trade on the New York Stock Exchange (“NYSE”).
HHH now expects “when-issued” trading of Seaport Entertainment common stock to begin on July 29, 2024, on NYSE American under the symbol “SEG WI.” The “when-issued” trading market is a market for the yet-to-be-issued shares of Seaport Entertainment common stock that will be distributed to holders of HHH common stock on the Distribution Date. “Regular-way” trading of Seaport Entertainment common stock is expected to begin on NYSE American on August 1, 2024, under the symbol “SEG.”
Shares of HHH common stock will continue to trade “regular way” on the NYSE under the symbol “HHH” through the Distribution Date. HHH expects that, beginning July 29, 2024, there will be two markets in HHH common stock on the NYSE: “regular way” under the symbol “HHH” and “ex-distribution” under the symbol “HHH WI.” Prior to the Distribution Date, shares of HHH common stock that trade in the “regular way” market will trade with the right to receive shares of Seaport Entertainment common stock on the Distribution Date. Shares of HHH common stock that trade in the “ex-distribution” market will trade without the right to receive shares of Seaport Entertainment common stock on the Distribution Date. Holders of HHH common stock are encouraged to consult with their financial advisors regarding the specific implications of selling HHH common stock on or before the Distribution Date.
As previously reported, an Information Statement containing details regarding the Distribution and Seaport Entertainment’s business and management following the consummation of the Distribution will be mailed to HHH stockholders prior to the Distribution Date. The Distribution remains subject to the satisfaction or waiver of customary conditions, including the Securities and Exchange Commission (“SEC”) having declared Seaport Entertainment’s Registration Statement on Form 10, as amended (the “Registration Statement”), effective. The Registration Statement has been filed with the SEC and is available at the SEC’s website at www.sec.gov, as described in the Information Statement.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia® in Maryland; The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Ward Village® in Honolulu, Hawaiʻi; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Contacts:
Howard Hughes Holdings Inc.
Media Relations
Cristina Carlson, 646-822-6910
Senior Vice President, Head of Corporate Communications
cristina.carlson@howardhughes.com
Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com
FAQ
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