MSG Knickerbockers Corp. (NYSE: MSGK) today announced that it has completed the spinoff of its New York Rangers business and changed its name from Madison Square Garden Sports Corp. to MSG Knickerbockers Corp.
MSG Knicks will begin trading today on the NYSE under the new ticker symbol “MSGK.” The newly formed Rangers company, MSG Rangers Corp., will begin trading today on the NYSE under the ticker symbol “MSGR.”
The spinoff distribution was completed at 11:59 p.m. ET on October 26 to stockholders of record as of the close of business on October 20. Each of MSG Knicks’ stockholders received a distribution of one share of the new MSG Rangers Class A or Class B common stock for every two shares of MSG Knicks’ Class A or Class B common stock, respectively, held as of the record date, representing all the outstanding shares of MSG Rangers.
No action or payment was required by MSG Knicks stockholders to receive the new MSG Rangers shares.
Stockholders who held MSG Knicks’ common stock as of the record date will receive a book-entry account statement reflecting their ownership of the new MSG Rangers shares or have their brokerage account credited with the new MSG Rangers shares.
MSGK closed Monday at $384.39.
