American Stock Exchange to demutualise
The American Stock Exchange (Amex) announced today that the Amex Board of Governors approved a course of action that would begin the process to convert the Exchange from a not-for-profit corporation into a for-profit corporation.
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This is the initial step in the process of demutualization to position the Amex for future investment opportunities. Amex seat owners will have the opportunity to vote on the demutualization plan, which would convert their seats into shares.
Neal Wolkoff, Chairman & Chief Executive Officer, said, "We have been carefully examining the structure of the Exchange for months. The Board's approval to take the initial step to demutualize is a significant milestone for the American Stock Exchange. The Amex has undergone a major transformation over the past year, improving its technology and regulatory areas, and the vote to take this course of action will further position the Amex for growth."