Finance History|11 Wall Street — UCM and PECO Stopped and EXC Opened
· 2000-10
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Finance History|11 Wall Street — UCM and PECO Stopped and EXC Opened
kevin
People treat Exelon as a Chicago utility that always printed EXC after a finished Mid-Atlantic and Midwest book.
The October 2000 issuer was new. Unicom Corporation, parent of Commonwealth Edison and listed as UCM, merged with PECO Energy Company on 20 October 2000 after the Securities and Exchange Commission cleared the combination.
The surviving listed name was Exelon Corporation. PECO common converted one-for-one into Exelon common. Each Unicom common share converted into 0.875 Exelon common shares plus 3.00 dollars in cash.
The companies said the new common would open on the New York Stock Exchange as EXC on 23 October 2000, with additional listings on the Chicago and Philadelphia exchanges.
The mechanism is a merger listing, not a cash IPO. Two regulated delivery books and a nuclear generation fleet became one holding-company share. The ticker is new. The Chicago and Philadelphia wires were not.
Exelon later moved the listing to Nasdaq on 25 September 2019 and kept EXC.
The pin is the Broad Street facade of the Exchange on the morning the new tape opened. 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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