Two securities (symbols to come later as this is still being actively traded) are supposed to give the same dividend stream. The company’s official website states that they are meant to be economically equivalent.
I don’t know exactly what is happening here, and this seems like a strange situation—but there are cases where different securities with identical rights to dividends have different value because they have different voting rights or similar, with implications for pricing if there are rumors of corporate takeovers, for example. Similarly, the fact that they are intended to be equivalent isn’t necessarily a binding requirement, and I imagine that if large investors decide to preferentially buy one class, they could push for changes.
I don’t know exactly what is happening here, and this seems like a strange situation—but there are cases where different securities with identical rights to dividends have different value because they have different voting rights or similar, with implications for pricing if there are rumors of corporate takeovers, for example. Similarly, the fact that they are intended to be equivalent isn’t necessarily a binding requirement, and I imagine that if large investors decide to preferentially buy one class, they could push for changes.