A more thorough explanation:

Definition: Ex rights, adv. Without rights. Shares are traded ex rights when the value of the subscription privilege has been deducted, giving the purchaser no right to buy shares of a new stock issue. It is abbreviated as X or XR. It is also known as rights off.

• Company ABC is issuing new shares at $10 each with a subscription privilege of $2. If a shareholder buys shares ex rights, they will only pay $8 per share but will not have the right to buy any new shares.
• John bought 100 shares of Company XYZ ex rights, which means he did not have the right to buy any new shares issued by the company.

The examples illustrate that when shares are traded ex rights, the purchaser does not have the right to buy any new shares issued by the company. This means that they are buying the shares without any additional benefits or privileges that come with the subscription privilege.