Vimeo (NASDAQ:VMEO) stock joins the public market today after IAC/Interactivecorp (NASDAQ:IAC) completed its spinoff of the video business company.
Here’s everything potential investors need to know about Vimeo now that VMEO stock is trading publicly.
- Vimeo starts trading today with its shares being listed on the Nasdaq Exchange under the VMEO stock ticker.
- The spinoff resulted in shareholders of IAC stock receiving 1.6235 shares of VMEO stock for each share of IAC that they own.
- This took place when business closed on Monday
- Vimeo is a SaaS video company that offers essential video needs to businesses.
- That includes both large and small businesses in what is expected to become a $70 billion market by 2024.
- It’s also worth pointing out that Vimeo is the 11th public company to come from a spinoff by IAC/Interactivecorp.
Joey Levin, CEO of IAC/Interactivecorp and chairman of Vimeo, had this to say about the VMEO stock spinoff news.
“The evolution of Vimeo into a thriving independent public company is the embodiment of the IAC way. We are enormously grateful to all the brilliant people, beginning with Jacob Lodwick many years ago, who’ve made this journey possible. Now we get back to our favorite part—building the next one.”
VMEO stock is starting its first day of trading off with heavy movement. The company has already seen more than 4.5 million shares of its stock change hands as of this writing.
Unfortunately, both VMEO and IAC aren’t doing so hot on today’s spinoff news. VMEO stock is down 17.2% and shares of IAC stock are down 5.3% as of Tuesday afternoon.
While the spinoff news isn’t treating VMEO stock the best today, it’s not the only one suffering.
Lordstown Motors (NASDAQ:RIDE) is also taking a beating today. However, shares of Stem (NYSE:STEM) and UP Fintech (NASDAQ:TIGR) were in the good graces of investors. You can learn more about these topics at the links below.
More Tuesday Stock Market News
- RIDE Stock: Why Lordstown Motors Is Crashing and Burning Today
- STEM Stock: 2 Reasons the Energy Storage Play Is Charging Up Today
- TIGR Stock: 9 Reasons for UP Fintech Investors to Be Happy Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.