The Howard Hughes Corp. and Howard Hughes Holdings recently announced completion of the previously announced holding company structure, making HHH the parent holding company of HHC.
Howard Hughes Holdings replaces HHC as the public company trading on the New York Stock Exchange. Howard Hughes Holdings is now trading under the new ticker symbol HHH.
The holding company reorganization, which is intended to be a tax-free transaction for U.S. federal income tax purposes for HHC’s stockholders, will promote the growth of its businesses, including by providing additional flexibility to fund future investment opportunities and to segregate assets and related liabilities in separate subsidiaries.
Each existing share of HHC common stock outstanding immediately prior to the reorganization has automatically converted, on a one-for-one basis, into a share of common stock of HHH, having the same designation, rights, powers and preferences; as well as the qualifications, limitations and restrictions as a share of HHC common stock immediately prior to the reorganization.
Accordingly, HHC stockholders automatically became stockholders of HHH with the same number and ownership percentage of shares in HHH as they held in HHC immediately prior to the reorganization. The Board of Directors and the executive officers of HHC immediately prior to the reorganization continue in their same roles at HHH.