Exelon plunges as Constellation Energy separation completed
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Exelon (NASDAQ:EXC)
-28.2% pre-market as the company announced the completion of the separation of Constellation Energy, its former power generation and competitive energy business.
The price move reflects the final result of the separation, which sees Exelon shareholders retaining their current Exelon shares and receive one share of Constellation for every three shares of Exelon common shares held as of January 20.
Constellation begins regular trading on the Nasdaq Global Select Market today under the symbol CEG; the transmission and distribution utility business will retain the Exelon name and ticker symbol.
Exelon announced its plan nearly a year ago to separate Exelon Utilities and Exelon Generation into two publicly traded companies.