Finance History|Nasdaq MarketSite — One Non-Voting Share for Every Voting Share Called GOOG
· 2014-4
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Finance History|Nasdaq MarketSite — One Non-Voting Share for Every Voting Share Called GOOG
kevin
People treat Alphabet Class C as a second Google ticker that always sat beside GOOGL.
The Class C line was a dividend, not a cash offering.
Google's board approved a distribution of one new Class C capital share for each outstanding Class A and Class B share.
The dividend record date was 27 March 2014.
The payment date was 2 April 2014.
Regular-way trading began on 3 April 2014.
Class A, which had printed GOOG since the 2004 auction, took the letters GOOGL that morning.
The new non-voting Class C line took GOOG, the mark the public already knew.
Class A closed at 1,135.10 U.S. dollars on 2 April 2014, the last session before the split-adjusted tape.
On 3 April the Class C shares closed at 569.74 U.S. dollars and the Class A shares at 571.50 U.S. dollars, a 1.76-dollar, 0.3 percent discount on the non-voting line.
Holders of Class C have no votes.
Class A keeps one vote a share.
Class B keeps ten votes a share and stayed off the public tape.
The point of the new class was a pool of stock that could pay for acquisitions and employee grants without diluting the founders' voting majority.
S and P added the Class C line to the S and P 500 after the close on 2 April 2014 and kept both lines in the index until late June while the float settled.
Nasdaq put Class C into its indexes that carried Class A, effective before the open on 3 April 2014.
The 2015 Alphabet holding-company merger converted each Google class into a matching Alphabet class and left both tickers untouched.
The Class C book is the sheet row that did not exist at the 2004 auction.
Photo: Nasdaq MarketSite Times Square facade from the listing-collection cover.
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