oil and gas company Apache Corp.. .
Late Monday, the Board of Directors approved the formation of APA Corp. approved. , a new holding company. APA Corp. . will replace Apache Corp.. as a public company trading under the same symbol on the Nasdaq Stock Exchange. Existing Apache shares are automatically converted into APA shares individually. Apache’s board of directors and executives will continue to perform the same roles in the new company. APA Corp. . will buy Apache Corp’s subsidiaries in Suriname and the Dominican Republic. and Apache Corp. . becomes a direct subsidiary of APA Corp.. . and continues to hold its existing assets in the U. . S.. . , Subsidiaries in Egypt and Great Britain and their current interests in transport and storage companies. “These steps modernize our operational and legal structure and make it more consistent with other companies whose subsidiaries operate around the world,” said John J. , Chief Executive. Christian IV. Said in a statement. “A holding company offers advantages in risk management, offers financial and administrative flexibility and aligns our legal structure more closely with our growing international presence. “Rejigging is expected to be completed in the first quarter.
QuantumScape stock, a 2020 high-flyer, fell more than 30% on Monday, the biggest one-day retreat ever.
Apache Corporation, NASDAQ: APA, Holding Company, Corporation
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