Gabelli Multimedia Trust Rights (NYSE:GGTr) stock is a hot topic on Wednesday as the company notifies investors of the upcoming expiration date for the rights.
Gabelli Multimedia Trust notes that these rights are going to expire on July 22, which is the coming up Monday. That will see the rights expire at 5:00 p.m. Eastern Time that day. This comes after the rights were granted to shareholders on record as of June 28, 2024.
Each shareholder received one right for each share of Gabelli Multimedia Trust (NYSE:GGT) that they own. Holders can exchange four of these GGTr rights and $5 for one additional share of GGT stock.
Gabelli Multimedia Trust also notes that those that fully exercise their Primary Subscription Rights will be eligible for an over-subscription privilege. This allows them a pro-rata allotment of additional shares of GGT stock with certain limitations.
What This Means for GGTr Stock
Considering the GGTr rights are new to the market, the report of the rights increasing 110% in value may be an error. That’s something to keep in mind if you hold or are interested in the shares this morning.
GGTr stock is up 110% as of Wednesday morning.
Investors will want to stick around for more of the most recent stock market stories on Wednesday!
We have all of the hottest stock market news that traders need to know about this morning! That includes the biggest pre-market stock movers and more of the latest market happenings worth reading about today! All of that is ready at the links below!
More Wednesday Stock Market News
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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.
