Oct. 27 (UPI) — General Motors announced on Tuesday that it will move shares of its common stock from the New York Stock Exchange to the Nasdaq on Nov. 17.
The company will continue to trade under the GM ticker when it makes the move, it said in its press release. The move will make GM eligible for the Nasdaq-100 Index, which Nasdaq calls a “benchmark for innovation and market performance.”
“GM’s customer-focused, technology-driven strategy is creating value for our stockholders, making Nasdaq a natural home for our listing as we grow,” Paul Jacobson, GM’s chief financial officer, said in a statement. “We’re grateful for our long-standing partnership with the New York Stock Exchange and its remarkable legacy.”
Shares in GM were up about 2.4% on Tuesday during premarket trading. The company is valued at $64.4 billion.
Shareholders in GM will continue to keep their shares.
GM said in its filing with the U.S. Securities and Exchange Commission that its board approved the move on Monday night.
GM has been a mainstay on the NYSE, first trading on the market in 1911. It joins other major companies like Walmart and Palantir that have made the switch from the NYSE to the Nasdaq.
Last week, Hilton Worldwide Holdings also announced its plan to switch from the NYSE to the Nasdaq.