DETROIT — Basic Motors plans to switch shares of its widespread inventory from the New York Inventory Alternate to the Nasdaq because the automaker makes an attempt to place itself extra as a technology-focused firm.
The Detroit automaker mentioned Tuesday that it expects to start buying and selling as a Nasdaq-listed firm on Nov. 17. Its ticker image is anticipated to stay “GM,” the corporate mentioned.
“GM’s customer-focused, technology-driven technique is creating worth for our stockholders, making Nasdaq a pure dwelling for our itemizing as we develop,” GM CFO Paul Jacobson mentioned in a launch. “We’re grateful for our long-standing partnership with the New York Inventory Alternate and its outstanding legacy.”
GM famous the transfer will present eligibility for potential inclusion within the Nasdaq-100 Index.
Present shareholders don’t must take any motion with respect to the switch, the corporate mentioned.
The swap marks a notable loss for the NYSE, as GM first listed on the trade in 1911. The Detroit automaker additionally relisted on the inventory trade in 2010 following a government-backed chapter.
Basic Motors vs. Ford Motor inventory
GM follows different corporations resembling Walmart, DoorDash and Palantir Applied sciences which have transferred from the extra conventional NYSE to the traditionally expertise centered Nasdaq lately. Hilton Worldwide Holdings final week additionally introduced plans to maneuver buying and selling from the NYSE to Nasdaq.
The important thing drivers for a list switch differ from firm to firm, however the Nasdaq in 2024 mentioned widespread causes embody “index inclusion alternatives, value efficient price construction, model visibility partnership, entry to Nasdaq’s occasion house, and Nasdaq’s suite of investor relations and ESG merchandise.”
GM’s choice comes per week after the automaker held a technology-focused occasion the place executives laid out the corporate’s roadmap for synthetic intelligence and self-driving car applied sciences.
Shares of GM, which has been aggressively shopping for again inventory, have greater than doubled since 2024. GM inventory closed Tuesday at $80.54 a share, up 5%. The corporate’s market cap is roughly $64.4 billion.