General Motors Will Move Its Stock Listing From the NYSE to Nasdaq on Nov. 17, Citing Its Technology Push
The ticker stays 'GM.' The move could make the automaker eligible for the Nasdaq-100, though inclusion is not guaranteed. Shareholders need not act, and GM announced no changes to its business.
General Motors said Tuesday it is moving its stock from the New York Stock Exchange to Nasdaq, Fox Business reports.
The timing. Shares are expected to start trading on the Nasdaq Global Select Market on Nov. 17 under the same ticker, "GM." They stay on the NYSE through the close on Nov. 16.
The reason. Chief Financial Officer Paul Jacobson said GM's "customer-focused, technology-driven strategy is creating value for our stockholders, making Nasdaq a natural home for our listing as we grow." He thanked the NYSE for a "long-standing partnership." Fox notes GM has put growing weight on vehicle technology, including driver-assistance features and electric vehicles.
The index angle. The listing change could make GM eligible for the Nasdaq-100, which tracks 100 of the largest non-financial companies on the exchange. Fox is clear that inclusion is not guaranteed.
What does not change. Existing shareholders do not need to do anything. GM, which owns Chevrolet, Buick, GMC and Cadillac, did not announce any change to its business operations tied to the move.
Note for readers: this is a corporate announcement relayed by Fox Business. We have not seen the company's filing, and there is no analysis in the piece of how the move might affect GM's share price.