I am from Canada and use an online broker called WealthSimple Trade
A company I'm currently invested in (call it company $ABC) which is listed on the NASDAQ, is planning on forming a spin off company l $XYZ) sometime this year. The details are vague at this point but it was mentioned in an investor conference that current shareholders of company ABC might be granted shares in company XYZ as part of the deal.
Question for me is, is there any action required on my part? Will the ticker for the new company just automatically pop up on my broker's app showing I own them?
And furthermore what if company XYZ isn't listed on an exchange supported by WealthSimple? What will happen to my ownership rights in the new company? Will they pay me out in cash value?
Has anyone been through this before? Any insight would be appreciated 👍
[link] [comments] https://www.reddit.com/r/stocks/comments/14hho2a/corporate_action_spin_off/
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