Flex (NASDAQ:FLEX) stock is moving on Wednesday after the technology, supply chain and manufacturing solutions company completed a spinoff of Nextracker (NASDAQ:NXT) to its shareholders.
This saw the company divest the remaining stake it held in energy solutions company Nexttracker to investors in FLEX. That resulted in Flex shareholders obtaining .17 shares of Nexttracker for each share they own. That comes to a total of 74,432,619 shares of Nexttracker stock issued to these investors.
Flex notes that with this latest divestment, it no longer holds any shares of NXT stock directly or indirectly. It also doesn’t own any securities that are exchangeable for shares of Nexttracker stock.
How This Affects FLEX and NXT Stocks
Shares of both FLEX and NXT have been active in pre-market trading this morning alongside the spinoff news. That saw shares of FLEX stock initially experience a fall before recovering. Now those shares are up roughly 2.1% as of this writing.
As for NXT stock, the company’s shares have also been on the move today. That has the stock currently down 1.9% on Wednesday morning before the opening bell rings.
It’s also possible these stocks will see more movement when normal trading hours start. Investors in them will want to keep an eye on their movements throughout the day.
Outside of that, we have plenty of other stock market stories that traders will want to read about on Wednesday!
Our coverage this morning includes all of the hottest stock market stories happening today! A few examples include what’s going on with shares of Dyne Therapeutics (NASDAQ:DYN) and Trinity Place (NYSEMKT:TPHS) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Wednesday Stock Market News
- Why Is Dyne Therapeutics (DYN) Stock Up 39% Today?
- Why Is Trinity Place (TPHS) Stock Up 97% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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.
