Comcast said its shareholders have approved a plan to reclassify its Class A Special Common stock (also known as K shares) into Class A voting shares.
Comcast announced its intention to make the swap in October and held a special shareholders meeting this morning to vote on the matter.
Comcast has said it is making the moves to avoid confusion concerning its share structure. Comcast has three classes of stock currently -- Class A shares which hold one vote each (traded on the NASDAQ Exchange under the symbol CMCSA) , Class A Special Common Shares (traded on the NASDAQ under the symbol CMCSK) which have no vote and Class B super voting shares that hold 15 votes each and are not publicly traded.
As a result of the vote, effective as of 5 p.m. on Dec, 11, each share of Comcast’s Class A Special Common Stock will be reclassified into one share of Class A Common Stock, and the Class A Special Common Stock will cease trading on Nasdaq. Comcast’s Class A Common Stock, including the new shares of Class A Common Stock into which the shares of Class A Special Common Stock were reclassified, will continue to trade on Nasdaq under the ticker symbol “CMCSA.”
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