The Howard Hughes Corporation announced that its Board of Directors has authorized the Company to create a newly incorporated holding company structure — The Howard Hughes Holding Corporation — which will become the new parent company of The Howard Hughes Corporation and replace it as the company that is publicly traded on the New York Stock Exchange. Existing shares of The Howard Hughes Corporation stock will be automatically converted, on a one-for-one basis, into shares of common stock of The Howard Hughes Holding Corporation, which will retain the ticker symbol HHC as trading continues uninterrupted on the NYSE. The board and the executive officers of the company will continue in their same roles at the new company.
The company said that it believes that the reorganization will promote the growth of its businesses, including by providing additional flexibility to fund future investment opportunities and to segregate assets and related liabilities in separate subsidiaries.
The holding company reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company stockholders. The holding company reorganization is expected to be effective August 11, 2023, or as soon as practicable thereafter.
