Finance History|11 Wall Street — Class A Opened After American Radio Let the Towers Go
· 1998-6
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Finance History|11 Wall Street — Class A Opened After American Radio Let the Towers Go
kevin
People treat American Tower as a Boston REIT that always printed AMT on a mature New York tape.
The first Big Board session was a radio company letting its masts walk out alone.
American Radio Systems built the tower subsidiary in 1995.
Class A common began trading on a when-issued basis on 27 February 1998 on the over-the-counter bulletin board.
American Tower Corporation's 1999 annual report records that the Class A shares commenced trading on the New York Stock Exchange on 5 June 1998, the day after the company separated from American Radio.
The letters on the tape were AMT.
A company press release dated 2 July 1998 announced a follow-on of 29,374,911 Class A shares at 23.50 U.S. dollars.
Of that total, 25,500,000 shares were sold by the company and 3,874,911 by selling stockholders.
The 5 June print was the listing, not that later cash raise.
A later conversion into a real-estate investment trust sits on another year.
This pin is the first morning the tower book used the specialist tape at 11 Wall Street.
The mechanism was a spin-off listing: an already-owned infrastructure book leaving a broadcast parent for its own specialist post.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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