PNM Resources (NYSE: PNM) Transitions to TXNM Energy (NYSE: TXNM) with Trading Effective on August 5

Rhea-AI Summary

PNM Resources (NYSE: PNM) is set to change its holding company name to TXNM Energy, Inc. (NYSE: TXNM), effective August 2, 2024, at 5:00 pm ET. Trading under the new name and ticker symbol TXNM will begin on August 5, 2024. This change, approved by shareholders and the Board of Directors, reflects the company's evolving business profile.

The rebranding acknowledges the growth of TNMP, the company's Texas subsidiary, which now represents 40% of the rate base. There are no structural or organizational changes associated with the name change, and shareholders don't need to take any action. The company's website will transition to www.txnmenergy.com on August 5, 2024.

PNM Resources, based in Albuquerque, N.M., reported $1.9 billion in consolidated operating revenues for 2023. It serves over 800,000 customers in New Mexico and Texas through its regulated utilities, PNM and TNMP.

Positive

• Rebranding reflects growth and diversification of business operations
• No structural or organizational changes required, simplifying the transition
• Consolidated operating revenues of $1.9 billion in 2023
• Serves over 800,000 customers across New Mexico and Texas

Negative

• None.

ALBUQUERQUE, N.M., July 22, 2024 /PRNewswire/ -- PNM Resources, Inc. (NYSE: PNM) is expecting to complete the change of its holding company name to TXNM Energy, Inc. (NYSE: TXNM), effective at 5:00pm ET on August 2, 2024. Trading under the new name and TXNM ticker is expected to begin on Monday, August 5, 2024.

The change was overwhelmingly approved by shareholders at its annual meeting on June 4, 2024, and by the PNM Resources Board of Directors. There are no changes to the names of PNM or TNMP, wholly owned subsidiaries of PNM Resources.

"The change in our holding company name reflects the changes in our business profile that have occurred since the formation of PNM Resources," said Pat Vincent-Collawn, Chairman and CEO. "The PNM Resources holding company name was established in 2001, when PNM in New Mexico was our only utility subsidiary. TNMP, our Texas subsidiary, has grown substantially since its 2005 acquisition and is now 40% of our rate base. We remain committed to serving our customers and communities in New Mexico as well as our growing business in Texas, and look forward to continued service in both states under the TXNM Energy name."

TXNM Energy will continue to be listed on the New York Stock Exchange under the ticker "TXNM", effective with the start of trading on Monday, August 5, 2024. There are no significant structural or organization impacts to the company associated with the name change, and shareholders do not need to take any action. All outstanding PNM Resources shares will automatically become TXNM Energy shares. There is no change to the CUSIP number for the company (69349H107).

The website www.pnmresources.com will be redirected to www.txnmenergy.com on August 5, 2024.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2023 consolidated operating revenues of $1.9 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 3.1 gigawatts of capacity, with a goal to achieve 100% emissions-free generation by 2040. For more information, visit the company's website at www.PNMResources.com. 

CONTACTS:
Analysts	Media
Lisa Goodman	Corporate Communications
(505) 241-2160	(505) 241-2783

 

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SOURCE PNM Resources, Inc.

FAQ

When will PNM Resources (NYSE: PNM) change its name to TXNM Energy?

PNM Resources will change its name to TXNM Energy, Inc. effective August 2, 2024, at 5:00 pm ET.

What will be the new stock ticker symbol for TXNM Energy?

The new stock ticker symbol for TXNM Energy will be NYSE: TXNM, effective August 5, 2024.

How much of PNM Resources' rate base does the Texas subsidiary TNMP represent?

TNMP, the Texas subsidiary of PNM Resources, now represents 40% of the company's rate base.

What were PNM Resources' consolidated operating revenues in 2023?

PNM Resources reported consolidated operating revenues of $1.9 billion for the year 2023.

Will shareholders need to take any action due to PNM Resources' name change to TXNM Energy?

No, shareholders do not need to take any action. All outstanding PNM Resources shares will automatically become TXNM Energy shares.