Lumos Networks begins trading on NASDAQ
- November 1, 2011
Lumos Networks Corp. was listed on the NASDAQ Tuesday after it was spun off from nTelos Holding Corp. on Monday.
Lumos Networks, which is based in Waynesboro, included nTelos’ wire line and FiberNet business. As part of the agreement, nTelos implemented a 1-for-2 reverse stock split of its common stock.
NTelos stockholders then received one share of Lumos Networks stock for every one share of nTelos stock they owned after the 1-for-2 reverse stock split.
The company began trading under the ticker symbol LMOS. The stock was selling for $15 per share around 11:30 a.m.
Lumos Networks provides data, voice and IP services over its fiber network to carrier, business and residential customers. The company serves customers in Virginia, West Virginia, and parts of Pennsylvania, Kentucky, Ohio and Maryland.
NTelos will operate as a standalone wireless company.
“I believe the change to a wireless only company will be beneficial to nTelos, our shareholdesr and our employees,” nTelos CEO Jim Hyde said in a statement.