Synnex, a Fremont, California-based distributor, has announced the successful completion of the spin-off of Concentrix Corporation to the company’s shareholders. Under the terms of the separation, stockholders who held Synnex common stock at the close of business on November 17, 2020 received a distribution of one Concentrix common share for every share of Synnex common stock held on the same date.
Since November 16, 2020, there have been two markets in Synnex common stock. Shares that were traded in a conventional manner were entitled to shares of Concentrix common stock pursuant to the distribution. Shares traded in the “ex-distribution” market traded without an entitlement to shares of Concentrix common stock pursuant to the distribution. These shares of Synnex common stock in the “ex-distribution” market have been traded under the symbol “SNX WI”.
Concentrix shares have traded on a “when issued” basis on the Nasdaq under the symbol “CNXCV”, permitting investors to trade the right to receive Concentrix shares in the distribution. “When issued” trading of Concentrix common shares ended at the close of the market on November 30, 2020. Concentrix common stock will now be traded on the Nasdaq under the symbol “CNXC.”
In announcing the completion of the spinoff, the companies issued no statement on how channel strategy may be impacted.