Finance History | Nasdaq MarketSite — LNT Left the Big Board on the Last Session of 2018
· 2018-12
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Finance History | Nasdaq MarketSite — LNT Left the Big Board on the Last Session of 2018
kevin
People treat Alliant Energy as a Madison utility that always printed LNT on Nasdaq.
The holding company is older than that tape. On 20 April 1998 a three-way merger of WPL Holdings, IES Industries, and Interstate Power Company formed Interstate Energy Corporation, later renamed Alliant Energy.
Alliant's own investor FAQ records the exchange ratios: one IES share became 1.14 new shares, one Interstate Power share became 1.11 new shares, and one WPL Holdings share became one new share.
The listing that a visitor now sees is a later move, not the merger print.
Alliant's Form 8-K dated 18 December 2018 told the New York Stock Exchange that common stock would leave the Big Board at the close on 28 December 2018 and open on the Nasdaq Global Select Market on 31 December 2018, still under LNT.
The same filing moved Interstate Power and Light's 5.100 percent Series D preferred stock with it, to trade as IPLDP.
The company's 18 December 2018 release said the transfer was meant to place the shares on the same electronic book as large technology issuers.
The mechanism is a voluntary exchange change, not a new issue.
No cash left the company. The letters on the tape stayed LNT.
What changed was the market that printed them.
Nasdaq MarketSite at 4 Times Square is the public facade of the book that took the shares on the last session of 2018. 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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