Finance History | 11 Wall Street — RTN Stopped and 2.3348 New Shares Printed RTX
· 2020-4
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Finance History | 11 Wall Street — RTN Stopped and 2.3348 New Shares Printed RTX
kevin
People treat RTX as an Arlington aerospace house that always printed RTX after a finished New York book.
The April 2020 issuer was the renamed United Technologies book after an all-stock merger with Raytheon Company.
A company release dated 3 April 2020 and the companion Form 8-K record the steps. Raytheon common under RTN ceased before the open. Each Raytheon share converted into 2.3348 shares of the former United Technologies common that had printed UTX. United Technologies holders kept their shares.
The surviving name that morning was Raytheon Technologies Corporation, ticker RTX. Forbes recorded an open at 51 dollars and a close at 49.93 dollars in 2020 currency. The same morning Carrier and Otis, spun from United Technologies, opened their own New York books.
The present tape is RTX on the New York Stock Exchange.
The mechanism is a merger of equals after two industrial spin-offs. The defense contractor left the tape as RTN. The conglomerate ticker UTX left the tape as RTX. The July 2023 rename to RTX Corporation did not change the letters.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints RTX.
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.
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