BlackBerry has announced plans to move its shares from Nasdaq to the New York Stock Exchange (NYSE) on October 16.
The Canadian tech firm hasn’t given a specific reason for upping sticks and moving its shares to another stock market, but as the company continues to shift away from its mobile hardware roots and define itself as a software and services company, it’s as good a time as any to start afresh on a new exchange.
“Many of the world’s greatest brands, including a large number of our customers and partners, are listed on the NYSE, and we look forward to joining them,” said BlackBerry CEO and executive chairman John Chen, in a press release. “As we continue to advance our growth strategy, we believe that our partnership with the NYSE will further raise the profile of our company and strengthen the value of our BlackBerry Secure brand.”
BlackBerry has been listed on the Toronto Stock Exchange (TSX) since 1998, and since 1999 it’s been on Nasdaq, where its shares enjoyed a peak of around $230 in 2007 under its former Research in Motion (RIM) moniker. With the rise of Android and iOS, BlackBerry’s shares have been in free fall in the years since, hitting a low of around $6 in 2013 shortly after the company changed its name to BlackBerry. Today, the company’s stock hovers around the $11 mark.
The move to the NYSE will also see BlackBerry ditch its BBRY Nasdaq ticker symbol in favor for “BB,” the same as it is on the TSX.
To mark the momentous occasion, which will likely be witnessed by at least a few people, BlackBerry representatives will ring the NYSE opening bell on October 16, at 9.30 a.m. ET.