Skydance share price adjusts after warrant distribution to stockholders
Investing.com -- Skydance Corporation Class B shares fell to $6.79 per share on Wednesday following the ex-dividend date for warrants distributed to certain holders of its Class B common stock. The decline occurred as the warrant value separated from the stock price.
The company emerged from an $81 billion merger between Paramount Skydance and Warner Bros. that recently concluded.
Controlling shareholders Lawrence J. Ellison, David F. Ellison, Gerald J. Cardinale, The Lawrence J. Ellison Revocable Trust, and RedBird Capital Partners Fund IV did not receive the warrants.
Skydance issued 470,746,773 warrants with a 10-year maturity period. The warrants can be exercised at $12 per share and trade separately from the Class B Common Stock under the symbol "SKYD WS."
The warrants closed at $2.20 on Sunday and last traded at $2.39 on Wednesday.