DETROIT — General engines plans to move its common stock from the New York Stock Exchange to Nasdaq as the automaker attempts to position itself more as a technology-focused company.
The Detroit automaker said Tuesday it plans to begin operations as Nasdaq-listed company on November 17. Its stock symbol should remain “GM,” the company said.
“GM’s customer-focused and technology-focused strategy creates value for our shareholders, making Nasdaq a natural home for our listing as we grow,” GM Chief Financial Officer Paul Jacobson said in a statement. “We are grateful for our long-standing partnership with the New York Stock Exchange and its remarkable legacy.”
GM noted that this decision will allow it to be eligible for possible inclusion in the Nasdaq-100 Index.
Current shareholders do not need to take any action regarding the transfer, the company said.
The move represents a notable loss for the NYSE, since GM was first publicly traded in 1911. The Detroit automaker was also relisted in 2010 following a government-backed bankruptcy.
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GM follows other companies such as Walmart, PorteDash And Palantir Technologies which have moved from the more traditional NYSE to the historically tech-focused Nasdaq in recent years. Hilton Worldwide Holdings Last week, it also announced plans to move trading from the NYSE to Nasdaq.
The main drivers for a listing transfer differ from company to company, but Nasdaq said in 2024 that common reasons include “opportunities for index inclusion, cost-effective pricing structure, partnership for brand visibility, access to Nasdaq’s event space, and Nasdaq’s suite of investor relations and ESG products.”
GM’s move comes a week after the automaker hosted a technology-focused event where executives outlined the company’s roadmap for artificial intelligence and autonomous vehicle technologies.
Shares of GM, which has been actively buying back stock, have more than doubled since 2024. GM stock closed Monday at $76.31 per share. The company’s market capitalization is approximately $64.4 billion.
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