Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) has seen unusual trading volume, which is 47× higher than its average daily volume.
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Among PSCU’s top holdings, broadcaster TEGNA Inc. (TGNA), which accounts for 3.8% of the portfolio, is in focus after Nexstar completed its acquisition of the company, converting each TEGNA share into $22 in cash and setting the stage for the stock to be delisted from the NYSE and deregistered with the SEC. As part of the transaction, TEGNA’s board and senior leadership were replaced by Nexstar appointees, while earlier equity awards were cashed out and more recent ones converted into Nexstar restricted stock units, shifting control of the company’s governance and certain debt covenants to Nexstar.