Finance History|11 Wall Street — WR and GXP Stopped and EVRG Opened
· 2018-6
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Finance History|11 Wall Street — WR and GXP Stopped and EVRG Opened
kevin
People treat Evergy as a Kansas City utility that always printed EVRG after a finished Midwest rate book.
The June 2018 issuer was Evergy, Inc., a Missouri corporation formerly named Monarch Energy Holding, Inc., formed to combine Westar Energy and Great Plains Energy.
The 4 June 2018 Form 8-K records the two mergers. Great Plains Energy merged into Evergy. A wholly owned merger subsidiary merged into Westar, with Westar surviving as an operating company.
Each Great Plains Energy common share converted into 0.5981 Evergy common shares. Westar holders received Evergy shares on the ratio set in the 9 July 2017 amended merger agreement.
S&P Dow Jones Indices had already announced the index consequence. Westar, then in the S&P MidCap 400 under WR, would enter the S&P 500 as Evergy. Great Plains Energy under GXP would leave the MidCap 400. The changes were effective prior to the open on 5 June 2018.
The same 8-K states that Evergy common was approved for listing on the New York Stock Exchange and would begin trading as EVRG on 5 June 2018. GXP and WR were pulled from the tape the session before.
The mechanism is a merger listing, not a cash IPO. Two regulated books became one holding-company share. The ticker is new. The wires and the rate cases were not.
Evergy later moved the listing to Nasdaq on 28 December 2022 and kept EVRG.
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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