United Online Inc., completed its tax-free spinoff of FTD Cos. Inc. on Friday, with all FTD common stock distributed among United Online shareholders.
The floral and gifts company, based in Downers Grove, Il., began trading on the Nasdaq under the ticker symbol “FTD.” The stock opened at $34.60 and closed at $32.20, with 781,938 shares changing hands.
Shares of United Online spiked 50 percent, adding $4.35, to close at $12.99 on the Nasdaq.
The Woodland Hills internet services and commerce company announced the spin off in April. Robert Apatoff, who ran FTD under United Online, stayed on as chief executive.
United Online originally acquired FTD in 2008 for $456 million, valuing shares at $15.08.
Following the spinoff, United Online’s portfolio includes internet service providers NetZero and Juno and social media sites Memory Lane, Classmates, MySite and StayFriends.
Mark Goldston, the longtime chief executive of United Online, plans to step down now that the spinoff is complete.
Also Friday, United Online declared a dividend of 15 cents a share that will be paid Nov. 29 to stockholders of record on Nov. 14.