Cannabis Company Aphria To Switch Listing From NYSE To Nasdaq
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 (NYSE:ICE) NYSE to the Nasdaq, including PepsiCo, Inc. (NASDAQ:PEP) in 2017 and Sanofi SA (NASDAQ: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.
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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