K12 Inc., a leading national provider of individualized, one-to-one learning solutions for students in online schools, distance education programs and classrooms, based in Herndon, VA, today celebrated its listing on NYSE Arca, NYSE Euronext’s fully electronic market for emerging issuers, after its successful IPO in which it raised $108 million.
“We welcome K12 Inc.’s listing on NYSE Arca,” said NYSE Euronext President & Co-COO Catherine R. Kinney. “NYSE Arca offers K12 and its shareholders a highly liquid and efficient market. We look forward to providing the company with the superior market quality, liquidity and brand visibility associated with listing on NYSE Euronext markets.”
“As an innovative technology-based education company new to the public market, we chose NYSE Arca because we believe it presents a valuable listing platform for K12, offering enhanced brand visibility and market liquidity for our shareholders,” said Ron Packard, CEO and Founder of K12 Inc.
K12 will trade on NYSE Arca under the ticker symbol “LRN”. NYSE Arca's affiliation with the NYSE through their common parent, NYSE Euronext, is a benefit to K12 as it joins NYSE Arca, NYSE Euronext’s fully electronic trading platform.
K12 is the 127th new issue, 14th operating company and the fourth technology company to list on NYSE Arca since the 2006 merger between the former NYSE and Archipelago Holdings, Inc.
Technology sector new listings on NYSE Group markets in 2007 include Netezza Corporation (NYSE Arca: NZ), the first technology listing on NYSE Arca, followed by Compellent (NYSE Arca: CML) and 3PAR, Inc. (NYSE Arca: PAR). NYSE technology listings so far this year include VMWare (NYSE: VMW), Teradata Corporation (NYSE: TDC), Orbitz Worldwide, Inc. (NYSE: OWW), PROS Holdings, Inc. (NYSE: PRO), Metro PCS Communications (NYSE: PCS), Dice Holdings Inc (NYSE: DHX), Solera Holdings (NYSE: SLH) and Genpact (NYSE: G).
About K12 Inc. (NYSE Arca: LRN)
K12 Inc., a technology-based education company, is a leading national provider of proprietary curriculum and educational services created for online delivery to students in kindergarten through 12th grade, or K-12. Its mission is to maximize a child’s potential by providing access to an engaging and effective education, regardless of geographic location or socio-economic background.
More than 39,500 students are using the K12 learning program in 17 statewide online schools and other e-learning programs across the country.
K12 offers education solutions for students using an outstanding, highly effective curriculum that enables mastery of core concepts and skills for students of all abilities. The K12 program combines a cognitive research-based curriculum with an individualized learning approach for online schools and other educational applications.
K12 Inc. is headquartered in Herndon, Virginia, U.S.A. www.K12.com
Background about listing on NYSE Arca:
NYSE Euronext’s multiple market platforms share similar attributes, providing superior trading quality over competitor models. In the NYSE Arca market model, listed issuers participate in the selection of a “Lead Market Maker” responsible for maintaining tight spreads and providing the opportunity for price improvement. NYSE Arca has captured a significant portion of trading in Nasdaq stocks by providing excellent market quality, as measured by its superior effective spreads and speed.
NYSE Arca listing standards extend the NYSE’s focus on providing a listing and trading venue for quality companies.
- Emerging growth companies – both domestic as well as non-US companies - have the opportunity to list on NYSE Arca as an alternative listing venue, enabling NYSE Euronext to compete for smaller-sized companies that previously did not qualify.
- NYSE Arca is a globally recognized, fully electronic platform that trades around one billion shares each day on average, and that is growing quickly.
- NYSE Arca-listed companies participate in the selection of a “Lead Market Maker” responsible for maintaining depth and quality of trading in the stock. The “Lead Market Maker” brokerage firm has quote and execution obligations and the responsibility for keeping tight spreads in the stock – resulting in the superior market quality that issues have come to expect.
- NYSE Arca's affiliation with NYSE, through their common parent NYSE Euronext, is attractive to companies considering a listing on NYSE Arca. These companies have the ability to choose their own lead market maker which provides additional liquidity in their shares. In addition, NYSE Arca listed companies have the opportunity, once they qualify, to seamlessly transfer to the NYSE without paying the initial listing fee.
About NYSE Euronext (NYSE: NYX)
NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007. NYSE Euronext (NYSE Euronext: NYX) operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services. NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges in six countries, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data. Representing a combined $30.3 trillion/€21.3 trillion total market capitalization of listed companies and average daily trading value of approximately $139 billion/€103 billion (as of September 30, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2006 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on June 6, 2007 under No. R.07-0089), 2006 Annual Report on Form 10-K, as amended, and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
Contacts:
Annmarie Gioia, 212-656-5437
agioia@nyse.com
