Way back in mid-2013, T-Mobile officially became a publicly-traded company and joined the New York Stock Exchange in the process, with John Legere even ringing the opening bell. After two years and lots of growth, though, T-Mobile is switching things up.
T-Mobile has decided to transfer its stock exchange listing from the New York Stock Exchange to the NASDAQ Global Select Market. The change will take effect on October 26 after the market closes. Despite changing markets, though, T-Mobile will continue to trade under the symbol “TMUS.”
Here’s what T-Mobile CFO Braxton Carter had to say about the change:
“As America’s Un-carrier, we’re all about unleashing wireless for all Americans. Our business model is industry innovation and disruption. We can’t get to what’s next fast enough. So we’re thrilled to be joining all the other future-focused innovators listed on NASDAQ. This is going to be fun.”
Meanwhile, here’s a statement from Bruce Aust, NASDAQ’s Vice Chairman:
“We are proud to welcome T-Mobile US to the NASDAQ family and look forward to a successful partnership with the company and its shareholders. T-Mobile US is one of the country’s most recognized technology brands and will join 72 percent of all public technology companies listed in the U.S. with its transfer to NASDAQ.”
T-Mobile hasn’t provided any information about why it decided to switch stock exchanges. However, we can made some educated examples. One possibility could be that NASDAQ has lower yearly listing fees, with NYSE costing up to $500,000, while Nasdaq is only around $27,500. Additionally, Nasdaq is home to many more tech companies than the NYSE; as NASDAQ’s Bruce Vost notes, 72 percent of all publicly-traded tech firms are a part of NASDAQ.
Source: T-Mobile Investor