What are 'Ex-Rights'
Ex-rights are shares of stock that are trading but no longer have rights attached because they have either expired, been transferred to another investor or been exercised. The rights originally assigned to the stockholder are, for whatever reason, no longer valid or no longer applicable to the stock.
BREAKING DOWN 'Ex-Rights'
Ex-rights shares are worth less than shares which are not yet ex-rights - the ex-rights shares do not give a shareholder access to a rights offering. Renounceable rights may trade separately, allowing shareholders to choose to sell their rights rather than exercise them.