Delphi’s Board of Directors Approves New Publicly Traded Company
Delphi is an automotive supplier with a North American headquarters in Troy.
Photo Courtesy: Delphi Automotive
Troy-based Delphi Automotive’s board of directors has approved details for a publicly traded company, Delphi Technologies PLC. The company will be a spin-off of Delphi’s powertrain systems segment, approved with the record date (Nov. 22), distribution date (Dec. 4), and distribution ratio.
The remaining part of Delphi Automotive PLC will transition to Artiv PLC beginning Dec.5.
Following the spin-off, 100 percent of ordinary shares of Delphi Technologies will be distributed to Delphi Automotive shareholders. Shareholders will receive one ordinary share of Delphi Technologies for every three ordinary shares of Delphi Automotive and cash toward any fractional shares.
Delphi Automotive expects there will be two ways to trade shares, ordinary shares will continue to trade under the symbol “DLPH” until the distribution date and will also trade without the right to receive the Delphi Technologies distribution in the “ex-distribution” market under the symbol “APTV WI”.
The spin-off and distribution of Delphi Technologies’ ordinary shares are conditional by the U.S Securities and Exchange Commission, which declared effective Delphi Technologies’ registration statement, and a separation and distribution agreement between Delphi Automotive and Delphi Technologies, which is filed as an exhibit to Delphi Technologies’ registration statement.
No action is required by Delphi Automotive shareholders to obtain share of Delphi Technologies, but shareholders are encouraged to consult financial and tax advisers regarding the repercussions of buying, selling, or holding any securities.