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Investing.com -- Invesco Ltd. (NYSE:IVZ) stock reversed course to trade higher on Friday after initially dropping as much as 9% following news that the asset manager is postponing a crucial shareholder vote on its flagship QQQ fund.
The company announced it would delay the proxy vote that would determine whether the nearly $400 billion Invesco QQQ Trust Series 1 will convert from a unit investment trust to an open-ended exchange-traded fund. The shareholder meeting has been adjourned until December 5, according to a filing with the Securities and Exchange Commission.
"Between now and Friday, December 5, shareholder votes on the proposals to restructure QQQ from a unit investment trust to an open-end fund will continue to be received and counted," an Invesco spokesperson said in a statement to Bloomberg News. The company noted that given the fund’s size and retail shareholder base, "an adjournment is not uncommon or unexpected."
The postponement comes as the proposal requires a quorum of more than 50% of holders of outstanding voting shares. Invesco had indicated in its proxy statement that it could adjourn the meeting if that threshold was not met.
The potential conversion of the tech-focused fund’s structure carries significant implications for the, Illinois-based asset manager, which oversees the popular fund tracking the Nasdaq-100 Index.
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