OREANDA-NEWS. July 24, 2015. Zillow Group, Inc. (NASDAQ:Z) announced a distribution of Class C shares to its stockholders with a dividend record date of July 31, 2015 and a dividend payment date of August 14, 2015.

This corporate action will impact trading of Zillow Group, Inc. shares and distribution of market data such that market participants and data vendors must be prepared to trade and disseminate data for the new symbols. Refer to the Frequently Asked Questions document.

Symbol Trading Timeline

July 31 – August 14 August 17
  • Z - Class A shares trading regular way, with entitlement to the class C shares
  • ZCVVV - Class C shares trading on a when issued basis
  • ZAVVV - Class A shares trading on an EX Distribution, when issued basis
  • ZG - Class A shares
  • Z - Class C shares

Key Dates

July 31

From July 31 through August 14, the following symbols will trade:

  • Class A shares trading regular way, with entitlement to the class C shares (Z)
  • Class C shares trading on a when issued basis (ZCVVV)
  • Class A shares trading on an EX Distribution, when issued basis (ZAVVV)

After the close of market on August 14, 2015, Nasdaq will review the closing price of the Class C shares (ZCVVV) and determine and announce the adjustment amount for the Class A shares on the EX date of August 17, 2015. On the EX date, August 17th, the closing price of the Class A shares (new symbol ZG) will reflect the adjustment amount.

August 17

Effective on the EX date, August 17th, there will be symbol changes:

  • Class A shares will have a symbol change from Z to ZG. The Class A shares are EX on this date and commence trading at the adjusted price.
  • Class C shares will have a symbol change from ZCVVV to Z, and commence trading on a regular (T+3) basis. The when issued settlement date will be August 20, 2015.
  • The market for the Class A shares on an EX Distribution, when issued basis (ZAVVV) will be suspended because the Class A stock is EX on this date.

The details of the distribution are as follows:

Company/ Parent: Zillow Group, Inc.
Issue: Class A Common Stock
CUSIP: 98954M101
Symbol: Z
Record Date: July 31, 2015
Payment Date: August 14, 2015
EX Date: August 17, 2015
Due Bill Redemption Date: August 19, 2015
Ratio of Spin-Off/ Distribution:
 Two (2) shares of Zillow Group, Inc. Class C Common Stock for each share held. 

An EX distribution when issued market will be established for Zillow Group, Inc. Class A Common Stock. Trades in the EX distribution when issued market will not carry due-bills for the distribution.  The details for the EX distribution when issued market are as follows:

Symbol: ZAVVV
CUSIP: 98954M119
Anticipated First Trade Date: July 31, 2015
Suspension Date: August 17, 2015
Settlement Date: August 20, 2015

A when issued market will be established for Zillow Group, Inc. Class C Common Stock. The first day of “regular way” trading will be August 17, 2015. The symbol will change to Z on that date. The details for the when issued market are as follows:

Symbol: ZCVVV
CUSIP: TBD
Anticipated First Trade Date: July 31, 2015
First day of Regular Way Trading: August 17, 2015
Settlement Date: August 20, 2015

If you would like to register as a market maker in ZAVVV or ZCVVV, contact Nasdaq Trading Operations at +1 212 231 5100.