Square, Inc. Changes Name to Block
02 12월 2021 - 6:30AM
Business Wire
The change differentiates the Square brand,
which was built for the Seller business, from the corporate
entity
Square, Inc. (NYSE: SQ) announced today that it is changing its
name to Block. Block will be the name for the company as a
corporate entity. The Square name has become synonymous with the
company’s Seller business, which provides an integrated ecosystem
of commerce solutions, business software, and banking services for
sellers, and this move allows the Seller business to own the Square
brand it was built for.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211201006139/en/
Block logo in white
The change to Block acknowledges the company’s growth. Since its
start in 2009, the company has added Cash App, TIDAL, and
TBD54566975 as businesses, and the name change creates room for
further growth. Block is an overarching ecosystem of many
businesses united by their purpose of economic empowerment, and
serves many people—individuals, artists, fans, developers, and
sellers.
“We built the Square brand for our Seller business, which is
where it belongs,” said Jack Dorsey, cofounder and CEO of Block.
“Block is a new name, but our purpose of economic empowerment
remains the same. No matter how we grow or change, we will continue
to build tools to help increase access to the economy.”
The name change to Block distinguishes the corporate entity from
its businesses, or building blocks. There will be no organizational
changes, and Square, Cash App, TIDAL, and TBD54566975 will continue
to maintain their respective brands. A foundational workforce,
which includes teams such as Counsel, People, and Finance, will
continue to help guide the ecosystem at the corporate level. As a
result of the name change, Square Crypto, a separate initiative of
the company dedicated to advancing Bitcoin, will change its name to
Spiral.
The name has many associated meanings for the company — building
blocks, neighborhood blocks and their local businesses, communities
coming together at block parties full of music, a blockchain, a
section of code, and obstacles to overcome.
Square, Inc. is referred to as “Block” in this press release.
The legal name “Square, Inc.” is expected to be legally changed to
“Block, Inc.” on or about December 10, 2021, upon satisfying all
applicable legal requirements. The company’s NYSE ticker symbol
“SQ” will not change at this time. Any changes in the future will
be publicly disclosed. No action is needed from current
stockholders. The Company’s Class A common stock will continue to
be listed on NYSE and the CUSIP will not be changing.
For more information, please visit www.block.xyz or follow
company news via Twitter @blocks and @blockIR. For media assets, go
to www.block.xyz/mediakit. We intend to use the Block investor
relations website as well as the Twitter accounts @blocks and
@blockIR as means of disclosing material non-public information and
for complying with our disclosure obligations under Regulation
FD.
About Block
Block (NYSE: SQ) is a global technology company with a focus on
financial services. Made up of Square, Cash App, Spiral, TIDAL, and
TBD54566975, we build tools to help more people access the economy.
Square helps sellers run and grow their businesses with its
integrated ecosystem of commerce solutions, business software, and
banking services. With Cash App, anyone can easily send, spend, or
invest their money in stocks or Bitcoin. Spiral (formerly Square
Crypto) builds and funds free, open-source Bitcoin projects.
Artists use TIDAL to help them succeed as entrepreneurs and connect
more deeply with fans. TBD54566975 is building an open developer
platform to make it easier to access Bitcoin and other blockchain
technologies without having to go through an institution.
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version on businesswire.com: https://www.businesswire.com/news/home/20211201006139/en/
Media Contact: press@block.xyz Investor Relations Contact:
ir@block.xyz
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