Ferrari officially separated from Fiat Chrysler Automobiles (FCA) Sunday, and its newfound independence was celebrated by the listing of its stock on the Italian Stock Exchange today under the ticker symbol “Race.”
The parting of the two automobile manufacturers, which was announced in statements from both manufacturers, follows Ferrari’s Oct. 21, 2015 debut on the New York Stock Exchange, also under “Race.”
Anyone holding stock in Fiat Chrysler is permitted one common share of Ferrari for every 10 FCA common shares owned, according to FCA. Those in possession of FCA mandatory convertible securities are authorized to receive 0.77 common shares of Ferrari for each MCS unit of $100 in notional amount. After the split, the Ferrari common shares outstanding are nearly 189,000, while the issued common shares in the capital of Ferrari are nearly 194,000.
Fiat Chrysler Automobile’s stock on the NYSE was valued at $9.07 per share as of just after 12:30 p.m. ET. Ferrari’s stock price on the NYSE was at $47.17.