Summary
Exelon Corporation (EXC) has announced key dates for the spin-off of its competitive power generation and retail energy business into a new, publicly traded company named Constellation Energy Corporation (Constellation). The board of directors has set January 20, 2022, as the record date and February 1, 2022, as the distribution date for this separation. Shareholders of Exelon as of the record date will receive one share of Constellation common stock for every three shares of Exelon they hold. This transaction effectively separates Exelon's regulated utility operations from its competitive energy business, allowing each entity to pursue distinct strategic objectives. Investors should note that the distribution is subject to certain conditions outlined in Constellation's Form 10 Registration Statement.
Key Highlights
- 1Exelon has set the record date (January 20, 2022) and distribution date (February 1, 2022) for the spin-off of its competitive energy business.
- 2The new, independent company will be named Constellation Energy Corporation.
- 3Exelon shareholders will receive one share of Constellation for every three shares of Exelon held as of the record date.
- 4Cash will be provided in lieu of fractional shares of Constellation stock.
- 5The spin-off separates Exelon's regulated utilities from its competitive power generation and retail energy businesses.
- 6The transaction is subject to certain conditions, as detailed in Constellation's Form 10 Registration Statement.