Summary
Constellation Energy Corporation (CEG) is providing an update regarding the previously announced separation from Exelon Corporation (EXC). The Exelon board of directors has set the key dates for the distribution of Constellation shares to Exelon shareholders. This distribution will result in Constellation operating as an independent, publicly traded company focused on the competitive power generation and customer-facing retail energy businesses. Investors holding Exelon stock should note the specific record and distribution dates. Those shareholders of record on January 20, 2022, will receive one share of Constellation common stock for every three shares of Exelon they own as of the distribution date on February 1, 2022. This filing is important for understanding the mechanics and timing of this significant corporate event, which will create two distinct entities from the former Exelon structure.
Key Highlights
- 1Exelon Corporation has set the record and distribution dates for the spin-off of Constellation Energy Corporation.
- 2The record date for the distribution is January 20, 2022, at 5:00 p.m. Eastern Time.
- 3The distribution date is February 1, 2022, at 12:01 a.m. Eastern Time.
- 4Exelon shareholders will receive one share of Constellation common stock for every three shares of Exelon held on the record date.
- 5Cash will be paid in lieu of fractional shares of Constellation common stock.
- 6The distribution is a pro rata dividend of Constellation common stock to Exelon shareholders.
- 7Constellation Energy Corporation will comprise Exelon's competitive power generation and retail energy businesses.