Nearly 10 years after its initial public offering (IPO) on the New York Stock Exchange (NYSE) and Toronto Stock Exchange, Canadian e-commerce platform Shopify has announced its decision to transition its U.S. listing to the Nasdaq.
In a filing with the Securities and Exchange Commission (SEC) on Wednesday, Shopify revealed that it will remove its Class A shares from the NYSE at the close of trading on Friday, March 28. Trading will resume on the Nasdaq starting Monday, March 31. The company emphasized that its listing on the Toronto Stock Exchange (TSE) will remain unchanged, and the ticker symbol SHOP will stay the same on both exchanges.
While Shopify didn’t provide a direct reason for the move in the filing, a spokesperson shared with TechCrunch that the company is “excited to join the Nasdaq community and be listed among the most innovative tech companies in the world.”
In its most recent quarterly earnings report for Q4 2024, Shopify posted solid results, surpassing estimates with a 31% year-on-year revenue growth to $2.8 billion. As of now, the company’s market cap stands at $121 billion, reflecting a 55% increase compared to the same period last year.
What The Author Thinks
Shopify’s decision to move to the Nasdaq is a clear indication that the company is positioning itself within a more tech-focused and innovative ecosystem. This could also signify the company’s strategy to align with other major tech players on Nasdaq, which may bring long-term benefits in terms of visibility, investor confidence, and growth potential.
