SYNNEX Corp. (NYSE: SNX), a major Greenville employer, announced the successful completion of the spin-off of Concentrix Corp. (Nasdaq: CNXC) to SYNNEX shareholders.
Under the terms of the separation, on Dec. 1, 2020, stockholders who held SYNNEX common stock at the close of business on Nov. 17, 2020, (the "Record Date") received a distribution of one Concentrix common share for every one share of SYNNEX common stock held as of the record date. No fractional shares of Concentrix were distributed.
Since Nov. 16, 2020, there have been two markets in SYNNEX common stock. Shares traded in the "regular way" 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. Those 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 Nov. 30, 2020. Starting Dec. 1, the "regular way" trading of Concentrix common stock on the Nasdaq will commence under the symbol "CNXC."
"We are pleased to announce the completion of the separation transaction and wish the Concentrix team well as an independent publicly traded company," said Dennis Polk, president and CEO of SYNNEX. "I am excited for the future of SYNNEX and the ongoing value we expect to deliver to our vendors, customers, associates and shareholders."
SYNNEX is a Fortune 200 corporation and a leading business process services company, providing a comprehensive range of distribution, logistics and integration services for the technology industry to a broad range of enterprises.
The company distributes a broad range of information technology systems and products, and also provides systems design and integration solutions.
Founded in 1980, SYNNEX operates in numerous countries throughout North and South America, Asia-Pacific and Europe. Additional information can be found online at synnex.com.
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December 02, 2020 at 01:17AM
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SYNNEX Corp. Completes Spin-Off of Concentrix Corp. - Greenville
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