General Motors plans to move its common stock listing from the New York Stock Exchange to Nasdaq, with trading there expected to begin Nov. 17. The ticker is expected to remain "GM", and shareholders need to do nothing. The move makes the automaker eligible for potential inclusion in the Nasdaq-100.
General Motors plans to transfer its common stock from the NYSE to Nasdaq as it tries to position itself more as a technology-focused company. The Detroit automaker said Tuesday it expects to begin trading as a Nasdaq-listed company on Nov. 17.
The ticker symbol is expected to remain "GM", the company said. Current shareholders do not need to take any action, it added.
GM cites its technology strategy
GM's chief financial officer, Paul Jacobson, framed the switch around strategy. According to CNBC, he said in a release: "GM’s customer-focused, technology-driven strategy is creating value for our stockholders" and described Nasdaq as the right home for the listing.
The company also noted that the transfer provides eligibility for potential inclusion in the Nasdaq-100 Index. The decision follows a technology-focused event a week earlier, where executives laid out the company's roadmap for artificial intelligence and self-driving vehicle technologies.
A loss for the NYSE
The switch is a notable loss for the NYSE, where GM first listed in 1911. The automaker relisted on the exchange in 2010 following a government-backed bankruptcy.
Walmart, DoorDash and Palantir Technologies also moved from the NYSE to Nasdaq in recent years. Hilton Worldwide Holdings announced plans last week to make the same move.
GM shares, which have more than doubled since 2024, closed Monday at $76.31. The company's market cap is roughly $64.4 billion.
Source: CNBC
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