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What is the difference between McDATA Class A and Class B common stock?

April 26, 2017class common stock difference mcdata

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What is the difference between McDATA Class A and Class B common stock?

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McDATA has two classes of common stock, A and B. On February 7, 2001 EMC stockholders received a distribution of McDATA Class A common stock. The Class A shares and Class B shares have only two differences; voting rights and liquidity. First, each Class A share is entitled to one vote per share, whereas each Class B share is entitled to one-tenth of a vote per share on matters submitted to a vote by McDATA stockholders. Second, there are approximately 118 million shares outstanding of the Class A common stock and approximately 35 million shares outstanding of the Class B common stock. In all other aspects the two classes are identical.