SEC Gives OK to IAA Spin Off

By Staff Writer June 19, 2019

KAR Auction Services Inc. announced that the Securities and Exchange Commission has approved IAA Inc.'s registration statement, allowing the salvage chain’s spinoff to move forward.

As previously announced, the distribution is expected to be made on June 28 to KAR common stockholders of record as of June 18, 2019.

The New York Stock Exchange has authorized IAA's common stock for listing and has advised that "when-issued" trading in IAA common stock on the NYSE will begin on June 17, under the symbol "IAA WI" and continue through the close of trading on the day prior to the distribution date. Beginning on June 28, "when-issued" trading will end and IAA common stock will begin "regular-way" trading on the NYSE under the symbol "IAA."

Shares of KAR common stock will continue to trade "regular-way" on the NYSE under the symbol "KAR" through and after the June 28, 2019, distribution date. Any holder of shares of KAR common stock who sells KAR shares "regular-way" through the close of trading on the day prior to the June 28, 2019 distribution date will also be selling such holder's right to receive shares of IAA common stock in the distribution. KAR shares will also trade without the right to receive shares of IAA common stock in the distribution under the symbol "KAR WI" beginning on June 17 and continuing through the close of trading on the day prior to the distribution date. I

Beginning on June 28, 2019, "regular-way" trading in KAR stock will reflect the distribution of IAA.

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Last modified on Wednesday, 19 June 2019 15:00