Finance History | 11 Wall Street — Class C Opens After the Tracking Stock Stops

People treat Dell Technologies as a Round Rock computer house that always printed DELL on the New York Stock Exchange.

The 2018 issuer was a company Michael Dell and Silver Lake had taken private in 2013.

Contemporary reporting recorded that 2013 take-private at 13.65 dollars a share, about 24.4 billion dollars in 2013 currency.

On 28 December 2018, Dell Technologies Class V tracking stock, ticker DVMT, stopped before the open. Class C common began regular-way trading on the New York Stock Exchange under DELL.

Reuters recorded an opening print of 46 dollars that morning. TheStreet recorded a midday print near 45.15 dollars.

The conversion retired the VMware tracking stock that had been created when Dell bought EMC. Reuters put the cash-and-stock package near 24 billion dollars in 2018 currency.

The mechanism is a listing without a cash IPO. Holders of the tracking stock received Class C shares, or cash in the election window, and a leveraged computer-and-software book went back onto the tape.

The pin is the Broad Street facade of the Exchange, where DELL still prints. Interior trading is not visitable from the sidewalk.

Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.