Detroit automaker General Motors Co. today announced that it has applied and received approval for a voluntary delisting of its common stock from the Toronto Stock Exchange (TSX) in Canada. The delisting from the TSX will not affect the company’s listing on the New York Stock Exchange (NYSE).
Trading on the NYSE and alternative platforms accounts for a vast majority of GM’s current daily trading volume. Given the relatively low trading volume of its shares on the TSX, the company believes the NYSE provides shareholders with sufficient liquidity and the costs associated with maintaining a dual listing are no longer justified. Accordingly, effective at the close of markets on Nov. 30, the company’s shares will no longer be traded on the TSX.
After delisting from the TSX, the company’s common stock will continue to trade on the NYSE under the symbol GM. Shareholders will be able to continue to trade their shares on other exchanges.
The TSX has neither approved nor disapproved this decision.
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