Cannabis Company Aphria To Switch Listing From NYSE To Nasdaq

Canadian cannabis company Aphria Inc APHA announced Tuesday it will transfer its stock from the New York Stock Exchange to the Nasdaq exchange after the market closes June 5.

What To Know

“This move is a reflection of our ongoing commitment to find cost effective ways of operating so we can continue to deliver long-term value to shareholders,” CEO Irwin D. Simon said in a press release. “Additionally, as a purpose driven Company, we believe Nasdaq will be a good fit for Aphria, particularly given our focus on, and the progress we have made, integrating ESG practices across our business.”

More than 76% of Nasdaq-listed companies report on ESG metrics.

Why It’s Important

In the last few years, some big names have defected from Intercontinental Exchange Inc's ICE NYSE to the Nasdaq, including PepsiCo, Inc. PEP in 2017 and Sanofi SA SNY in 2019. Investopedia cites financial and logistical advantages to listing on the Nasdaq, which has smaller fees and less stringent criteria.

Still, the NYSE claims the gains go both ways. According to its website, about $1.3 trillion in equity market cap has transferred from the Nasdaq to the NYSE since 2000.

What’s Next

Aphria will continue to trade under ticker symbol APHA and maintain its listing on the Toronto Stock Exchange.

The stock trades around $4.28 per share.

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Español: Empresa de Cannabis Aphria (APHA) Mudará Sus Acciones del NYSE al Nasdaq

Posted In: CannabisNewsPenny StocksMarketsIrwin SimonNew York Stock ExchangeNYSE

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