W.K. Kellogg, a spinoff of Kellogg's cereal business, began trading on the New York Stock Exchange.
As part of the separation, Kellogg has been renamed Kellanova but is still trading under the ticker"K." Shareholders received one share of W.K. Kellogg for every four shares of Kellogg they owned as of Sept. 21. Kellogg's cereal business began trading on the New York Stock Exchange at $13.80 per share as W.K. Kellogg after spinning off from its parent company on Monday morning.. It now houses snacking brands like Pringles and Cheez-It and its North American frozen-food unit, which includes Morningstar Farms.Get Southern California news, weather forecasts and entertainment stories to your inbox.Shares of Kellanova were down roughly 3% in morning trading, and W.K. Kellogg's stock fell 5%.
Shareholders received one share of W.K. Kellogg for every four shares of Kellogg they owned as of Sept. 21.the planned separation in June 2022. Cereal sales have stagnated as consumers choose from a wider variety of options for breakfast and prioritize convenience.