Finance History|Nasdaq MarketSite — IAC Split and EXPE Opened Alone
· 2005-8
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Finance History|Nasdaq MarketSite — IAC Split and EXPE Opened Alone
kevin
People treat Expedia Group as a Seattle travel company that always printed EXPE after a finished hotel and air book.
The August 2005 issuer was a new Delaware company. IAC/InterActiveCorp packed Expedia.com, Hotels.com, Hotwire, and TripAdvisor into Expedia, Inc. and distributed that company to IAC holders.
Immediately before the distribution IAC effected a one-for-two reverse stock split. Holders of old IAC common received one new IAC common share and one Expedia common share for every two old IAC common shares.
IAC announced the spin-off complete on 9 August 2005. Regular-way trading in the independent Expedia common began that day on the Nasdaq National Market as EXPE.
The when-issued close on 8 August 2005 was 22.50 dollars per Expedia share. The parent closed that session at 25.30 dollars before the split and the distribution.
A 1999 Microsoft subsidiary had already used the EXPE letters for a 14.00 dollar cash IPO of 5.2 million shares. That earlier company was later absorbed into the IAC travel book. The present S&P name is the 2005 spin-off, not the 1999 float.
The mechanism is a distribution listing. Holders did not subscribe for new cash. They received a travel share cut out of an existing media conglomerate.
Nasdaq MarketSite at 4 Times Square is the public facade for that tape. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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