RTTNews | Dec 1, 2021 09:25PM EST

21:25 Wednesday, December 1, 2021 (RTTNews.com) - Square Inc. (SQ), the financial-services company co-founded and led by former Twitter Inc. chief Jack Dorsey, said Wednesday that it is changing its name to Block Inc. The name change will be effective on or about December 10, 2021, upon satisfying all applicable legal requirements.

However, Square noted that its NYSE ticker symbol "SQ" will not change at this time. The company's Class A common stock will continue to be listed on NYSE and the CUSIP will not be changing.

According to the company, 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. 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.

On Monday, Social media giant Twitter Inc. (TWTR) said that Founder and Chief Executive Officer Jack Dorsey decided to step down from his position. The board appointed Chief Technology Officer Parag Agrawal as the new CEO, effective immediately.

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