Shares of stock in the Braves began trading on the Nasdaq exchange Monday morning and dropped sharply from their opening price.
Team owner Liberty Media completed a long-in-the-works transaction late Friday to exchange its existing stock for three new tracking stocks, including one tied to the Braves.
The Liberty Braves tracking stock’s Series A shares (symbol BATRA) opened at $36 Monday morning and were trading at around $21 in early afternoon. The Liberty Braves stock’s Series C shares (symbol BATRK) opened at $27 and were trading at around $20 in early afternoon.
The series have different voting powers for stockholders.