General Motors plans November move from NYSE to Nasdaq
GM expects its shares to start trading on Nasdaq on Nov. 17 under the same ticker. Shareholders need take no action, while possible Nasdaq-100 eligibility remains just that: a possibility.
General Motors said on Oct. 27 that it plans to move its common-stock listing from the New York Stock Exchange to Nasdaq, with trading expected to begin there on Nov. 17. The Detroit automaker expects to retain its GM ticker, and says existing shareholders need take no action. The change would also make GM eligible for possible inclusion in the Nasdaq-100 Index.
What changes for GM shareholders
The announced change concerns the exchange on which GM shares are listed. CNBC reported that the company expects trading under its existing ticker to continue when the transfer takes effect. GM has given shareholders no action to take in connection with the move, so the announced timetable matters chiefly to investors tracking where the stock will trade.
Nasdaq-100 eligibility is a potential consequence of the transfer, rather than an announcement that GM will join the index. CNBC reported the eligibility point, while AI Weekly’s account, which credits Bloomberg as its original reporting source, also identified potential index inclusion as a consequence of the move. Neither account established an index decision.
Why GM chose Nasdaq
GM chief financial officer Paul Jacobson linked the decision to the company’s strategy. ‘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 said in a company statement quoted by CNBC. Jacobson also thanked the NYSE for its long partnership with GM.
The announcement follows a GM event the previous week at which executives set out a roadmap for artificial intelligence and self-driving vehicle technologies, CNBC reported. The exchange move gives GM another way to present that technology focus, although the listing change itself does not alter the products described at the event.
The departure has historical weight for the NYSE. GM first listed there in 1911 and relisted in 2010 after a government-backed bankruptcy, according to CNBC. Other companies, including Walmart, DoorDash and Palantir Technologies, have moved their listings from the NYSE to Nasdaq in recent years; Hilton Worldwide Holdings announced a similar plan last week.
Nasdaq has previously cited possible index inclusion, listing fees, brand visibility and investor-relations services among reasons companies may transfer their listings. GM has specifically highlighted its technology-led strategy and potential index eligibility. Its announced next step is the expected start of Nasdaq trading on Nov. 17, with the ticker still set to read GM.
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Sources and context
- GM will switch to Nasdaq from the NYSE on Nov. 17CNBC
- GM to Transfer Stock Listing From NYSE to Nasdaq on Nov. 17 | AI WeeklyAI Weekly; article credits Bloomberg as the original reporting source
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.
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