General Motors Announces Move of Stock Listing from NYSE to Nasdaq Effective Nov. 17
General Motors plans to shift its primary listing from the New York Stock Exchange to Nasdaq to rebrand as a technology company and broaden its investor base.
According to Bloomberg, U.S. automaker General Motors (GM) announced on October 27 that it will move its stock trading from the New York Stock Exchange (NYSE), where it has been listed for 115 years, to the Nasdaq Global Select Market effective November 17. The ticker symbol 'GM' will remain unchanged.
The migration is part of a strategic repositioning. GM aims to shed its traditional automaker image by highlighting investments in autonomous driving, electric vehicles, and software, presenting itself to investors as a technology growth company. GM Chief Financial Officer Paul Jacobson stated that Nasdaq is a better fit for the company's technology-centric growth strategy.
Market attention focuses on potential inflows from index-tracking funds. JPMorgan analysts noted that if GM meets eligibility criteria in December, it could be added to the Nasdaq-100 Index. By market cap, GM is currently the second-largest company not yet included in the index, behind Hilton. However, index providers have not confirmed this potential addition.
GM management has previously argued that the stock price undervalues the company despite strong cash generation. Earlier this month, the company announced an additional $20 billion share repurchase plan. Following the listing change announcement, GM shares rose approximately 4% around 9:33 a.m. New York time.