Finance History|Nasdaq MarketSite — One Generation Share for Every Three Utility Shares

People treat Constellation Energy as a Baltimore clean-power house that always printed CEG on its own.

The 2022 issuer was Exelon's competitive generation book, cut out of the regulated utility parent.

An Exelon 8-K dated 6 January 2022 set the record date at 5 p.m. Eastern on 20 January 2022 and the distribution at 12:01 a.m. Eastern on 1 February 2022.

Each Exelon holder received one Constellation common share for every three Exelon shares. Fractional shares were paid in cash at 53.7996 dollars each in 2022 currency.

Company and parent releases dated 2 February 2022 said regular-way trading began that day on the Nasdaq Global Select Market under CEG, while Exelon kept EXC.

Forbes, citing Spin-Off Research, recorded a first regular-way open of 50.04 dollars and a close of 53.01 dollars, on an implied capitalization near 17.3 billion dollars that day.

Nasdaq added CEG to the Nasdaq-100 on the same session.

The mechanism is a tax-free spin of unregulated generation and retail supply from six rate-regulated wires-and-pipes utilities. No primary shares were sold. The public book was a dividend of stock that already existed inside Exelon.

Holders who wanted nuclear plants and competitive load bought CEG. Holders who wanted ComEd, BGE, PECO, Pepco, DPL, and ACE kept EXC.

The pin is the public facade of Nasdaq MarketSite at 4 Times Square, the later face of the electronic market that took the 2022 order. Interior studios are not a visitor floor.

Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.