Motorola Finalizes To Split On 4th Jan
Wednesday, December 01, 2021 5:12 PM

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Motorola Inc. (NYSE: MOT) publicized the details of its planned split on 29th November, Tuesday, in the afternoon. The popular mobile company has chosen January 4th for its split. The split will take its effect before the market opens on 4th Jan. Its two divisions will be known as Motorola Mobility Holdings Inc. and Motorola Solutions Inc. Motorola Mobility will hold the mobile phone business whereas, Motorola Solutions will handle the rest of things.

Earlier, Motorola CEO Greg Brown had announced the split plan at the beginning of November. With this split, the company intends to make operations more smooth and help investors to capitalize on the sudden increase of Android in the smart-phone market. Though, HTC is ruling over the Android phone market, Motorola is certainly one of the best Android phone manufacturer in the mobile Industry.

A reverse stock split will take place along with the split of the company. Motorola shareholders can exchange every seven Motorola shares at present with one Motorola Solutions and eight Motorola shares with one Motorola Mobility. Both the divisions of Motorola Inc will be listed on NYSE. Motorola Solutions will trade under the ticker symbol MSI whereas, Motorola Mobility will use the symbol MMI.

Motorola stockholders will not have to face any problem in receiving the shares of Motorola Mobility common stocks. They will get book-entry account statements showing their possession of aforesaid stocks or the same stocks will be credited to their brokerage account. The company will not distribute fractional shares of Motorola Mobility common stock among share holders; instead, they would be collected and sold in the open market and the shareholders will earn cash pro rata from the proceeds.

Market Response: On Tuesday, After the split detail was publicized, Motorola shares moved up by 10 cents, or 1.3%, to close at $7.76 in late trading. Today 30th November at 12:20 Pm EST, Motorola is trading at $8.15 up by 6.40%.

 

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