General Motors' planned move from the New York Stock Exchange to Nasdaq will make its shares eligible for Nasdaq-100 review, though index membership remains subject to separate ranking and eligibility rules.
GM expects its first day on Nasdaq's Global Select Market to be Nov. 17, with its GM ticker unchanged. Trading on the New York Stock Exchange is scheduled to end after the Nov. 16 close, and the company says investors do not need to take action.
Nasdaq describes the Nasdaq-100 as an index of 100 of the largest nonfinancial companies listed on its exchange. A Nasdaq listing is a threshold for review; companies must also meet the index's eligibility rules and ranking requirements.
Nasdaq's methodology says a company transferring its listing to the exchange is normally evaluated after its seventh trading day there and may typically be added after 15 trading days if it meets the requirements. A separate Fast Entry route is available to a security not already in the index if its full market capitalization ranks among the top 40 current constituents. The transfer alone does not ensure inclusion.
GM said the move supports its customer-focused, technology-driven strategy and shareholder value. Paul Jacobson, the automaker's executive vice president and chief financial officer, called Nasdaq “a natural home for our listing.”
A company filing dated Oct. 27 says GM's board approved the transfer and Nasdaq approved the listing. The filing also says revised director-independence standards will take effect on the transfer date, as EconoTimes reported in its governance coverage. EconoTimes previously covered GM's planned Nasdaq transfer.
Hilton's HLT shares are scheduled to begin trading on Nasdaq Nov. 5, following their final New York Stock Exchange session on Nov. 4. Hilton announced the switch Oct. 20 and said the exchange suits its growth plans. Hilton shareholders also have no steps to take for the change, according to the company.
