Finance History | Nasdaq MarketSite — One eBay Share Became One PayPal Share Called PYPL
· 2015-7
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Finance History | Nasdaq MarketSite — One eBay Share Became One PayPal Share Called PYPL
kevin
People treat PayPal as a San Jose payments house that always printed PYPL after a finished Nasdaq book.
The July 2015 issuer was PayPal Holdings, Inc., the Delaware company eBay distributed to its own stockholders.
PayPal's 20 July 2015 release records that the separation completed that day and that regular-way trading opened on the Nasdaq Stock Market under PYPL.
Holders of eBay common stock as of the 8 July 2015 record date received one PayPal common share for every eBay share. The distribution itself occurred on 17 July 2015.
When-issued trading had already run under the temporary symbol PYPLV from 6 July. Bloomberg recorded the regular-way close at 40.47 dollars on 20 July 2015, up 5.4 percent on that session.
The company had printed PYPL once before, then sold itself to eBay in 2002 for 1.5 billion dollars.
The present tape is still PYPL on the Nasdaq Stock Market.
The mechanism is a one-for-one spin-off. An already-public parent handed a payments subsidiary to its holders and the new book opened under the old letters.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that has printed PYPL.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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