Kellogg's cereal business begins trading as standalone company WK Kellogg

WK Kellogg, a spinoff of Kellogg's cereal business, began trading on the New York Stock Exchange.

As part of the separation, Kellogg has been renamed Kellanova but is still trading under the ticker "K." Shareholders received one share of WK Kellogg for every four shares of Kellogg they owned as of Sept. 21.Kellogg's Corn Flakes owned by Kellogg Company is seen for sale in a store in Queens, New York City, U.S., February 7, 2022.Kellogg's cereal business began trading on the New York Stock Exchange at $13.80 per share as WK Kellogg after spinning off from its parent company on Monday morning..

Shareholders received one share of WK Kellogg for every four shares of Kellogg they owned as of Sept. 21.the planned separation in June 2022. Cereal sales have stagnated as consumers choose from a wider variety of options for breakfast and prioritize convenience. At the same time, snacking is growing more popular as more consumers graze between meals, although theKellogg had originally envisioned three separate companies, sectioning off its cereal, snacking and plant-based brands into their own entities. But consumers' and investors' interest in the plant-based category waned, leading Kellogg to say in February that those brands would be part of Kellanova.

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