Apartment Investment and Management Company (NYSE: AIV) shares sunk -72.21% to $11.49 in the pre-market session after revealing separation into two publicly traded companies, Apartment Income REIT Corp. and Aimco. Aimco will continue the growth of its apartment development business and look for other opportunities to create value across the U.S. multifamily sector.
On December 15, 2020, shares of AIR common stock were distributed to Aimco shareholders, with each holding one share of AIR Class A common stock for every share of Aimco Class A common stock they held on December 5, 2020. Aimco shareholders will receive cash as a substitute for any fractional shares of Class A common stock of AIR.
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The “AIV” symbol continues to be used for Aimco’s common stock on the New York Stock Exchange.