Detroit’s Renaissance Center, photographed from Windsor in May 2008 when it was GM’s headquarters. Photo: Ritcheypro via Wikimedia Commons, public domain. Resized.
General Motors plans to move its stock listing from the New York Stock Exchange to Nasdaq next month, putting the automaker on a different exchange while leaving its familiar GM ticker unchanged.
The company said Tuesday that it expects its common stock to remain on the NYSE through the close of trading on November 16 and begin trading on the Nasdaq Global Select Market on November 17.
Existing shareholders do not need to take any action because of the transfer, GM said in its announcement. The change concerns where its common shares are listed, rather than a change in the company’s ticker or an instruction for investors to exchange their holdings.
A technology message, with an index possibility
GM framed the decision around the direction of its business. Chief Financial Officer Paul Jacobson said its customer-focused, technology-driven strategy made Nasdaq a natural home for the listing. He also thanked the NYSE for its long-standing partnership.
The automaker said a Nasdaq listing would make the stock eligible for potential inclusion in the Nasdaq-100 Index. That is a possibility, not an announcement that GM has been selected for the index. Tuesday’s release did not give an inclusion date or promise that index funds would buy the shares.
For investors, that distinction separates the confirmed corporate plan from the potential follow-on effect: GM has announced an exchange transfer, while any future index decision remains a separate matter.
GM described the expected transfer dates as forward-looking. The announcement does not mean the move has already been completed, and it did not include a new earnings forecast or changes to the company’s dividend.
JBizNews Desk | New York
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
