Hilton Plans To Move Its HLT Stock From NYSE To Nasdaq, With First Trading Day Set For November 5
The hotel company keeps its HLT ticker, and shareholders need take no action, Hilton said in its announcement.
Hilton Worldwide Holdings told the New York Stock Exchange on Tuesday that it intends to withdraw its listing and move its common stock to the Nasdaq Global Select Market, according to an 8-K filed that day. The board authorized the transfer, and the stock will keep trading as HLT.
What the 8-K says
Hilton expects NYSE listing and trading to end at the market close on November 4. Trading on Nasdaq is expected to start at the open on November 5.
The stock has already been approved for listing on Nasdaq, the filing says. In its press release, Hilton said no action is required by shareholders.
The company also said the transfer does not alter its business strategy or capital allocation priorities.
What it changes, and what it doesn't
For holders, the change is the venue. The ticker, the strategy and the capital priorities stay the same, according to the company.
CEO Chris Nassetta said, "Nasdaq is closely aligned with our growth ambitions." Nasdaq chair and CEO Adena Friedman said, "We are proud to welcome Hilton to Nasdaq."
Hilton used the announcement to list how it has grown since returning to the public markets in 2013. It went from 10 brands and about 4,100 hotels in 90 countries and territories to 28 brands and more than 9,400 properties in 144 countries and territories. Its luxury and lifestyle portfolio grew from about 50 to 1,200 hotels, and Hilton Honors, its loyalty program, now has more than 260 million members.
The company said it became the first hotel company listed on the NYSE in 1946. It returned in 2013 after being privately held by Blackstone. Nassetta said the company is "deeply grateful to the New York Stock Exchange" for its partnership.
Price and next dates
HLT closed at $346.04 on Monday, up 0.27% from the prior session. That close came before Tuesday's announcement.
The final NYSE session is November 4. The first Nasdaq session is November 5.
The first Nasdaq session for HLT is scheduled for the open on November 5, the day after the final NYSE close.
