General Motors said Tuesday it expects trading in its common shares to begin on Nasdaq Nov. 17 after a transfer from the New York Stock Exchange, aligning its listing with the automaker's technology-focused strategy.
GM said in a release that its shares are expected to retain the GM ticker and that existing shareholders do not need to take action. The transfer would make the shares eligible for potential inclusion in the Nasdaq-100 Index, but eligibility does not mean GM will be added.
Chief Financial Officer Paul Jacobson said Nasdaq suits GM's customer-focused, technology-driven strategy. CNBC reported that the announcement came a week after GM held a technology-focused event where executives outlined plans for artificial intelligence and self-driving vehicle technologies.
CNBC reported that GM's NYSE listing began in 1911 and that the automaker returned to the exchange in 2010 after a bankruptcy backed by the U.S. government. The outlet characterized the departure as a notable loss for the NYSE. Walmart, DoorDash and Palantir Technologies are among other companies CNBC said have moved from the NYSE to Nasdaq in recent years.
CNBC also reported that Nasdaq cited index eligibility, fee structures, brand visibility and investor-relations services among common reasons for listing changes in 2024. GM's announcement highlighted the fit with its technology strategy and the possibility of Nasdaq-100 inclusion.
Hilton Worldwide Holdings announced a planned transfer to Nasdaq on Oct. 20, with trading expected to begin Nov. 5, according to Hilton. GM shares closed Monday at $76.31, and the company's market capitalization was about $64.4 billion, CNBC reported. The outlet said the stock has more than doubled since 2024. GM expects its Nasdaq trading to begin Nov. 17.
