Motorola “When Issued” Shares Open Today
By Tiernan Ray
Today’s the first day of trading for the “when issued” shares of Motorola (MOT), which is due to split into two parts next month, causing two reverse splits, as announced on November 30th.
Motorola shareholders are going to receive 1 share of the new handset business for every 8 shares of Moto stock, and the remaining business, serving network infrastructure and industrial and other applications, will see every 7 shares converted into one.
Today, shares of Motorola Mobility start trading under the ticker MMIWI on NYSE, while Motorola Solutions (terrible name), the other part, starts trading under MSIWI.
You can, of course, get them both simply by purchasing Mot shares, which today are down 8 cents, almost 1%, at $8.80. Some have argued, as I’ve noted, that the price of the common stock today is valuable given the value that will be unlocked for both shares when they begin regular-way trading.
Quotes for the two when-issued share classes don’t come up easily in all online venues. I see one listing for MMIWI opening at $26.05 this morning, and MSIWI opening at $38.73, but there’s little trade information beyond that.
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