G Is For Google; As Of Now, Alphabet Is For Everything Else
So long Google. Hello Alphabet.
Google said Friday that it is proceeding with its previously announced restructuring plan and would officially become Alphabet after the close of markets. The company made the announcement on its investor relations site, saying it planned to make an official filing with the Securities and Exchange Commission later in the day:
Google Class C Capital Stock and shares of Google Class A Common Stock will begin trading as Alphabet Class C Capital Stock and Alphabet Class A Common Stock, respectively, on the NASDAQ Global Select Market on October 5, 2015. Shares of Alphabet Class C Capital Stock and shares of Alphabet Class A Common Stock will continue to be traded under the same ticker symbols under GOOG and GOOGL, respectively.
In an email, a Google spokesperson added that the filing is a “mere formality” and would not signify any change in day-to-day operations. After the establishment of Alphabet, there will be no change in the company’s ticker symbols (GOOG and GOOGL) nor to the voting rights of its shares. The Google board will become the Alphabet board.
As previously announced, Alphabet will report third quarter financial results this month as Google has in the past. Starting with the fourth quarter results, which will be announced in January, the company plans to release financial results for two segments: Google; and the remaining Alphabet units as a group. The Alphabet units include: Google Life Sciences, Calico, Sidewalk Labs, Nest, Google Ventures, Google Capital and [x].
The change may be a formality, but it signals the official launch of Larry Page’s moonshot era, whose most tantalizing project is the self-driving car.