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Altaba Inc. (“Altaba” or the “Fund”) (NASDAQ: AABA) today announced that The Nasdaq Stock Market LLC (“Nasdaq”) has advised the Fund that it intends to halt trading in the Fund’s shares of common stock, par value $0.001 per share (the “Shares”), on the NASDAQ Global Select Market following the close of regular trading at 4:00 p.m. Eastern time on October 2, 2019, in anticipation of the Fund’s filing of a certificate of dissolution with the Secretary of State of the State of Delaware on October 4, 2019. Nasdaq has further advised the Fund that it intends to maintain the halt in trading in the Shares until confirmation of the filing of the certificate of dissolution, and that upon confirmation, Nasdaq intends to indefinitely suspend trading in the Shares prior to the opening of trading on the NASDAQ Global Select Market on October 7, 2019.
The Fund previously announced that it plans to file the certificate of dissolution immediately following the close of regular trading on the NASDAQ Global Select Market on October 4, 2019, and that, upon the filing of the certificate of dissolution, the Fund will close its stock transfer books, after which record holders of the Fund’s Shares will be prohibited from transferring record ownership of their Shares, except by will, intestate succession or operation of law. As previously disclosed, the Fund will request that, following the filing of the certificate of dissolution and the closing of the Fund’s stock transfer books, The Depository Trust Company (“DTC”) maintain records representing the right to receive any post-dissolution liquidating distributions, including transfers of such rights. Consequently, the Fund expects that transfers of such rights will be tracked by DTC. To the extent that a stockholder’s Shares are not held by a DTC participant as of the filing of the certificate of dissolution and the closing of the Fund’s stock transfer books, it could be more difficult for such stockholder to transfer such stockholder’s rights to receive any post-dissolution liquidating distributions.
As previously announced, stockholders of the Fund approved the liquidation and dissolution of the Fund pursuant to the Plan at a special meeting of stockholders held on June 27, 2019. Additional information regarding the Plan and the liquidation and dissolution process can be found in the proxy statement filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 17, 2019 (as supplemented, the “Proxy Statement”).
Altaba is an independent, non-diversified, closed-end management investment company registered under the 1940 Act. The Fund’s assets primarily consist of a mix of cash and marketable securities.
Prior to June 16, 2017, Altaba was known as “Yahoo! Inc.” Altaba was created from Yahoo! Inc. after the sale of its operating businesses, at which time Yahoo! Inc. reorganized as an investment company and was renamed Altaba Inc., and began trading under the Nasdaq ticker symbol AABA.
Visit www.altaba.com for more information.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This document contains forward-looking statements concerning the Fund’s liquidation and dissolution pursuant to the Plan. Without limiting the foregoing, words or phrases such as “will likely result,” “are expected to,” “will continue,” “anticipate,” “estimate,” “project,” “believe,” “intend” or similar expressions are intended to identify forward-looking statements. These statements are not statements of historical facts and do not reflect historical information. Forward-looking statements are subject to numerous risks and uncertainties and actual results may differ materially from those statements. Such risks and uncertainties relate to, among other things: the availability, timing and amount of post-dissolution liquidating distributions; the amounts that will need to be set aside by the Fund; the adequacy of such reserves to satisfy the Fund’s obligations; the ability of the Fund to favorably resolve certain potential tax claims, litigation matters and other unresolved contingent liabilities of the Fund; the application of, and any changes in, applicable tax laws, regulations, administrative practices, principles and interpretations; and the incurrence by the Fund of expenses relating to the liquidation and dissolution. Further information regarding the risks, uncertainties and other factors that could cause actual results to differ from the results in these forward-looking statements are discussed under the section “Risk Factors” in the Proxy Statement. The forward-looking statements included in this document are made only as of the date hereof.
The Fund does not undertake any obligation to update or supplement such forward-looking statements to reflect events or circumstances after the date hereof, except as required by law. Because the Fund is an investment company, the forward-looking statements and projections in this press release are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
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