Finance History | 11 Wall Street — One-Half Share for Every UTX Share Printed OTIS
· 2020-4
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Finance History | 11 Wall Street — One-Half Share for Every UTX Share Printed OTIS
kevin
People treat Otis as a Farmington elevator maker that always printed OTIS after a finished New York book.
The April 2020 issuer was Otis Worldwide Corporation, separated from United Technologies Corporation in a tax-free distribution.
Otis's own 3 April 2020 release records that regular-way trading of the new common stock began that morning on the New York Stock Exchange under the letters OTIS.
United Technologies shareholders of record on 19 March 2020 received one-half share of Otis common stock for each United Technologies share, with cash in lieu of fractions.
A contemporaneous market report records the first regular-way session opened at 43.75 U.S. dollars in 2020 dollars and closed at 47.32.
The present tape is still OTIS on the New York Stock Exchange.
The mechanism is a spin-off listing: the parent book stayed on the tape under new letters, and the elevator book opened as its own common stock without a cash offer to the public.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that has printed OTIS since that morning.
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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