Answer
The secondary offering of Corebridge Financial’s common stock will follow the standard “T+2” settlement schedule that is used for most equity offerings on the U.S. markets.
How the timeline works
| Step | What happens | Typical timing |
|---|---|---|
| 1. Pricing of the offering – The underwriters set the price and allocate the shares to investors. | This is the “pricing date.” The press release indicates that the pricing is expected to occur within the next few business days (the exact date is not disclosed in the excerpt, but it will be announced by the underwriters before the 30‑day option expires). | |
| 2. Trade execution – Once the price is set, the shares are made available for purchase in the offering. | Investors place orders on the pricing date; the trade is executed that same day. | |
| 3. Settlement (T+2) – The U.S. securities‑settlement system requires that the transfer of ownership and the exchange of cash be completed two business days after the trade date. | If the pricing (trade) occurs on, for example, Monday, August 12 2025, the settlement will be on Wednesday, August 14 2025 (assuming no intervening holidays). | |
| 4. Eligibility for trading on the open market – Once settlement is complete, the shares can be freely bought and sold on the NYSE (or any other venue where Corebridge’s stock is listed). | The shares become “eligible for trading” on the same day they settle (i.e., the T+2 settlement date). |
What this means for investors
- No extra waiting period after settlement – As soon as the two‑day settlement is finished, the shares can be traded like any other Corebridge Financial stock.
- Standard market practice – The T+2 timeline is the norm for NYSE‑listed equities, so there are no special or extended settlement requirements for this particular secondary offering.
- Impact of the 30‑day option – The underwriters have a 30‑day window to purchase up to an additional 4.5 million shares. Any shares bought under that option will be priced and settled on the same T+2 schedule as the primary 30 million‑share portion.
Bottom‑line timeline
| Event | Approximate date (example) |
|---|---|
| Pricing of the offering | August 12 2025 (the exact date will be announced by the underwriters) |
| Settlement (T+2) | August 14 2025 |
| Shares become eligible for open‑market trading | August 14 2025 (the same day as settlement) |
Thus, the shares are expected to settle two business days after the pricing date (T+2) and will be eligible for trading on that settlement date. This is the standard process for a secondary offering of common stock on the NYSE.
Other Questions About This News
Are there any regulatory or filing requirements that could delay the execution of the offering?
How does the discount (if any) on the offering compare to recent secondary offerings in the sector?
How does this offering compare to the capital‑raising activity of competing asset‑management firms?
How will the additional 4.5 million share over‑allotment option affect the total float and potential selling pressure?
What are the ownership changes for AIG post‑offering and how might that influence market perception?
What are the projected use‑of‑proceeds for AIG or Corebridge Financial and how will that affect the company's fundamentals?
What contingent or conditional terms (e.g., price‑floor, over‑allotment) are included in the underwriting agreement?
What is the expected impact of this secondary offering on Corebridge Financial's liquidity and daily trading volume?
What potential short‑term trading strategies (e.g., buying the dip, selling the news) are viable around the announcement?
What price will the secondary offering be priced at relative to the current market price?
Will the offering increase the free‑float percentage and thereby affect short‑sale availability?
Will the secondary offering trigger any market‑making or algorithmic trading activity that could amplify price moves?
Are there any lock‑up or restriction periods on the newly issued shares that could affect future supply?
How might the offering impact the valuation multiples (P/E, EV/EBITDA) of Corebridge Financial relative to its peers?