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NTELOS Announced Completion of Spinoff Its Wireline Business
5 November 2011
NTELOS has officially announced that the company spun off its wireline business that will be known as Lumos Networks. Now the company can focus on being a wireless-only service provider.
Lumos Networks first time participated in trading on the Nasdaq on Nov. 1 under the symbol LMOS. NTELOS common stock begins trading on a post 1-for-2 reverse stock split basis.
“NTELOS separated the company through a tax-free divided involving the distribution of all Lumos Networks common stock held by NTELOS to NTELOS stockholders.”
NTELOS held a 1-for-2 reverse stock split of NTELOS common stock before the distribution of Lumos Networks stock to NTELOS stockholders. NTELOS stockholders received one share of Lumos Networks common stock for each one share of NTELOS common stock.
Lumos Networks will focus on providing traditional residential and business services.