General Motors Co. said Tuesday it will transfer the listing of its common stock from the New York Stock Exchange to the Nasdaq Global Select Market, beginning Nov. 17. The automaker will continue to trade under the ticker symbol GM.
Company cites technology strategy
In a statement announcing the move, Paul Jacobson, GM executive vice president and chief financial officer, said the change reflects the automaker’s shift toward software, automated driving and electric vehicles. The company noted that a Nasdaq listing also provides eligibility for potential inclusion in the Nasdaq-100 Index.
The company said no action is required by existing shareholders; shares will continue to be listed on the New York Stock Exchange under the symbol GM through the market close on Nov. 16.
Timing and corporate approvals
GM’s board approved the transfer on Monday night, the company disclosed in a filing with the U.S. Securities and Exchange Commission, and the new listing will take effect after the close of trading on Nov. 16 so shares begin trading on Nasdaq on Nov. 17. GM has been listed on the NYSE since 1911.
- Listing move date: Shares expected to begin trading on Nasdaq on Nov. 17
- Ticker: Will remain GM
- Index eligibility: Move makes GM eligible for the Nasdaq-100
Market reaction in premarket trading on Tuesday showed GM shares rising; a report noted the automaker’s market value at about $64.4 billion.
Related corporate giving announcement
Separately, GM said it is providing a $500,000 grant to the American Federation of Teachers Educational Foundation to launch Manufacturing Futures, an initiative the company described as a program to connect middle school students in Michigan with advanced manufacturing education and career pathways. The company said the grant will support advanced manufacturing labs and classroom technology across eight middle schools and build on prior GM commitments to education in the state.
The company framed the listing change as part of a broader effort to emphasize its technology-driven strategy as it expands investments in electric vehicles and automated driving systems.
