BOSTON - General Electric Company (NYSE: NYSE:GE) has announced that its Board of Directors has set the date for the spin-off of its energy segment, GE Vernova, as April 2, 2024. GE shareholders of record as of March 19, 2024, will receive one share of GE Vernova for every four shares of GE held. This distribution is expected to occur pre-market on the spin-off date.
The new company, GE Vernova, will commence trading on the New York Stock Exchange under the ticker symbol "GEV". Concurrently, GE will continue to operate its aerospace business under the name GE Aerospace and retain its NYSE listing with the ticker "GE".
H. Lawrence Culp, Jr., Chairman and CEO of GE and CEO of GE Aerospace, described the move as a milestone in completing GE's transformation into three independent, industry-leading companies. GE Vernova, under the leadership of Scott Strazik, aims to spearhead the energy transition, while GE Aerospace will focus on defining the future of flight.
GE anticipates that "when-issued" trading for GE Vernova will begin on or about March 27, 2024, under the symbol "GEV WI". During the period from March 27 to April 1, there will be two markets for GE common stock on the NYSE: one including the entitlement to receive GE Vernova common stock and another representing GE Aerospace shares without this entitlement.
Investors are invited to attend the investor days for GE Vernova and GE Aerospace on March 6 and March 7, respectively, where the management teams will discuss their growth strategies.
The spin-off is subject to certain conditions detailed in the registration statement on Form 10 filed by GE Vernova. The distribution is intended to be tax-efficient for U.S. federal income tax purposes.
GE Vernova, which will include Power, Wind, and Electrification businesses, is positioned to lead the energy transition, leveraging over 130 years of GE's experience. The company's mission, reflected in its name, signifies a new era of lower-carbon energy solutions.
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