00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Reddit will join the S&P 500 before the opening bell on August 18th,
00:07replacing Avalon Bay communities as the apartment REIT is absorbed
00:12by Equity Residential, according to Benzinga.
00:15Avalon Bay is leaving the S&P 500 because it is being acquired
00:19by fellow index constituent Equity Residential in a merger of equals.
00:23Shareholders of both companies approved the merger this week,
00:26with more than 99% of votes cast supporting the deal.
00:30The combined company will rebrand as Vivmark Residential
00:33and retain its place in the index.
00:36Reddit had been passed over for S&P 500 inclusion multiple times this year,
00:40including earlier this month and in June.
00:43The M&A-driven vacancy now clears the way for its addition.
00:47Reddit shares rose 11.03% to $175.56 in after-hours trading Thursday.
00:52For all things money, visit Benzinga.com.
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