![]() In demergers/spinoffs there are two (or more) entities - one that continues the capital structure of the original company and the other newly formed spun-off entity. In mergers, there are in two (or more) entities - one surviving entity and one (or more) delisted entity. Previous shareholders did not receive any shares in the new GM even though it appeared to have the same ticker. As far as previous shareholders were concerned, this is a completely new entity. ![]() A new company (NYSE:GM) was listed in 2010. For example, the bankrupt General Motors (was NYSE:GM) became Motoros Liquidation Corp (OTC:MTLQQ) and traded that way for almost 21 months before finally become defunct in March 2011 and returning shareholders $0. It had one stock split (2:1) with ex-date of and no dividends were ever paid. In the case of Macromedia, it was listed on NASDAQ and had its final day of trading on. This happened to NYSE:NAV (Navistar) from Feb 2007 to July 2008, where they were delisted due to accounting statement inaccuracies and auditor difficulties. Some large companies even have periods where they traded for a period of their history as OTC. ![]() Many stocks that are delisted from a major exchange due to financial difficulties are still publicly tradeable companies with their continuing to trade as "OTC" shares. Such data is typically only available from paid sources due to the amount of research involved in determining the identity of delisted securities, surviving entities in merger scenarios, company name changes, symbol changes, listing venue changes, research of all capital events such as splits, and to ensure that the data coverage is complete. ![]()
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