Keurig Dr Pepper (NYSE:KDP) is in the news Tuesday after announcing plans to switch its stock from the New York Stock Exchange to the Nasdaq.
Keurig Dr Pepper notes that its stock will start trading on the Nasdaq Sept. 21. The company points out that it will be keeping its current “KDP” stock ticker when it makes the switch.
When Keurig Dr Pepper heads to the Nasdaq, it will rank among the exchange’s largest companies. That will have it placed in the Nasdaq-100 index. The company says its current size will have it sitting in the top 50 of this index.
Bob Gamgort, chairman and CEO of Keurig Dr Pepper, said this about the KDP stock news.
“Listing on Nasdaq is an important milestone in Keurig Dr Pepper’s evolution as a modern beverage company with a diverse and widely-held shareholder base. We are pleased to be joining the ranks of the world’s most innovative companies on Nasdaq.”
Alongside this news comes an announcement concerning an equity distribution plan. Shareholder JAB Holdings’ majority-owned Maple Holdings plans to distribute 76 million shares of KDP stock to minority investors. That’s the equivalent of a 5.4% stake in KDP stock.
Once this equity distribution is complete, JAB Holdings and Maple will own a 44% stake in KDP. Another 12% will continue to belong to Mondelez International (NASDAQ:MDLZ) and the remaining 44% will be float, which includes that held by the minority investors mentioned above.
KDP stock was down 2.3% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.