General Motors Co. is voluntarily delisting from the Toronto Stock Exchange, the automaker said Wednesday.
The company said in a statement that delisting from the TSX will not affect the company’s listing on the New York Stock Exchange.
The company first filed to list on the Toronto Stock Exchange in 2010 after former finance minister Jim Flaherty urged them to do so.
GM had accepted billions of dollars in aid from the American, Canadian and Ontario governments after filing for bankruptcy protection in 2009.
The Canadian and Ontario governments both bought shares in the automaker as part of a bigger automotive bailout during the height of the recession in 2009. Both governments finished selling off their shares in GM back in the winter and spring of 2015.
The Detroit-based car maker didn’t offer many details for the decision, other than to say the TSX listing leads to “low trading volume.”
“Trading on the NYSE and alternative platforms accounts for a vast majority of GM’s current daily trading volume,” the company said in a statement. “Given the relatively low trading volume of its shares on the TSX and the fact that GM’s NYSE listing provides its shareholders with sufficient liquidity, the company believes that the costs associated with maintaining a dual listing are no longer justified.”
The company’s shares will no longer be traded on the TSX effective at the close of markets on Nov. 30.
After delisting from the TSX, the company’s common stock will continue to trade on the NYSE under the symbol GM.
Shareholders will be able to continue to trade their shares on other exchanges.
The Canadian Press contributed to this report.