General Motors said it is voluntarily delisting from the Toronto Stock Exchange. The company said in a statement on Wednesday that delisting from the TSX will not affect the company’s listing on the New York Stock Exchange.
The automaker didn’t offer many details for the decision, other than to say the TSX listing leads to “low trading volume.”
“Trading on the NYSE and alternative platforms accounts for a vast majority of GM’s current daily trading volume,” the company said in a statement. “Given the relatively low trading volume of its shares on the TSX and the fact that GM’s NYSE listing provides its shareholders with sufficient liquidity, the company believes that the costs associated with maintaining a dual listing are no longer justified.”
The company’s shares will no longer be traded on the TSX effective at the close of markets on Nov. 30.
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.