Joel Quadracci Rings The Opening Bell at NYSE to Mark Quad/Graphics' Listing

Quad/Graphics’ listing was not an IPO. Typically, IPOs are used for raising cash. Quad/Graphics did not go public to raise cash, but rather to facilitate a stock exchange with Worldcolor to complete the acquisition. Pursuant to the arrangement agreement, each Worldcolor common share was converted into the right to receive 0.2154 shares of class A common stock of Quad/Graphics upon completion of the arrangement.