General Motors to move its listing from NYSE to Nasdaq, trading there from 17 November

General Motors will transfer the listing of its common stock from the New York Stock Exchange to the Nasdaq Global Select Market, the carmaker announced on Tuesday.

GM expects its shares to stay listed on the NYSE under the ticker “GM” until the market close on Monday 16 November, and to begin trading as a Nasdaq-listed company on Tuesday 17 November. The ticker will not change.

What the filing says

In a Form 8-K filed with the SEC on 27 October, GM said its board authorised the company on 26 October to voluntarily withdraw the listing from the NYSE and move it to the Nasdaq Global Select Market. The Nasdaq Stock Market LLC has approved the listing, the filing says.

The board also approved changes to GM’s bylaws to update the independence criteria in the definition of “Independent Director”, reflecting the expected Nasdaq listing. The amended bylaws take effect when trading on Nasdaq begins.

GM said no action is needed from existing shareholders.

Why GM says it is moving

“GM’s customer-focused, technology-driven strategy is creating value for our stockholders, making Nasdaq a natural home for our listing as we grow,” said Paul Jacobson, GM’s executive vice president and chief financial officer. “We’re grateful for our long-standing partnership with the New York Stock Exchange and its remarkable legacy.”

The company also noted that a Nasdaq listing makes it eligible for possible inclusion in the Nasdaq-100 Index. It did not say whether it expects to be added.

What changes for trading

The switch comes a week after Hilton announced a similar move, with HLT expected to trade on Nasdaq from 5 November. As with Hilton, the change of primary listing market moves GM’s opening and closing auctions from the NYSE to Nasdaq’s opening and closing crosses. It also moves the stock from the tape run under the CTA Plan, which covers NYSE-listed securities, to the one run under the UTP Plan, which covers Nasdaq-listed securities.

Brokers, market makers, index and ETF operations teams and data vendors will need GM’s listing venue, auction and reference data updated for the 17 November changeover. The date falls less than three weeks before 23-hour weekday trading is scheduled to start industry-wide on 6 December.

What we are watching

• Whether Nasdaq confirms the 17 November start date and any further details on GM’s first day.
• Whether GM is added to the Nasdaq-100, and when.
• Whether other large NYSE-listed companies announce transfers before the end of the year.