Two Texas-headquartered companies are scheduled to complete their final day as Nasdaq listings Friday before moving their primary listings to the Dallas-based Texas Stock Exchange on Monday.
Addison-based CECO Environmental Corp. and Laredo-based International Bancshares Corporation will retain their existing ticker symbols after transferring to TXSE. The moves add two more Texas companies to the exchange as it builds a corporate-listings business competing with Nasdaq and the New York Stock Exchange.
Addison Company Ends Nasdaq Listing Friday
CECO Environmental notified Nasdaq on October 2 that it intended to transfer the primary listing of its common stock to TXSE, according to an SEC filing filed October 5.
Trading on Nasdaq as CECO’s primary listing is expected to end after the market closes October 16, with trading on TXSE scheduled to begin at the market open October 19.
The company will continue using the ticker CECO, retain its existing CUSIP number, and shareholders do not need to take any action.
TXSE separately confirmed Thursday that CECO shares are scheduled to launch on the exchange Monday.
CECO is headquartered at 5080 Spectrum Dr. in Addison and provides industrial equipment and systems used in air, water, energy, and manufacturing applications.
The company pointed to its Texas presence when announcing the transfer.
“This move builds upon our strong presence in Texas, which includes our global headquarters in Addison and a large employee base in the state,” Chairman and CEO Todd Gleason said. “Texas is currently the most dynamic economic market in the United States, attracting an influx of investment and business growth.”
CECO said the transfer is not expected to affect its operations, financial condition, reporting obligations, or shareholder rights.
$17 Billion Texas Bank Holding Company Also Moves
International Bancshares Corporation is making a similar move.
The company notified Nasdaq on October 6 that it intended to voluntarily withdraw its listing and transfer it to TXSE, according to an SEC filing.
Trading on Nasdaq is expected to cease at Friday’s market close, with trading on TXSE scheduled to begin Monday under the existing IBOC ticker.
International Bancshares filed an additional Form 8-A with the SEC on October 13 confirming the planned transfer.
The Laredo-based company operates five separately chartered banks and reported approximately $17 billion in consolidated assets.
IBC provides commercial and retail banking services through 165 facilities and 245 ATMs across Texas and Oklahoma, according to the company’s October 6 announcement.
“Texas has long been a place where free enterprise principles have allowed businesses to build, grow, and lead, and we are excited to continue that legacy by bringing IBC’s primary listing to the state where our business has prospered for 60 years,” Chairman and CEO Dennis E. Nixon said.
IBC plans to mark the transfer with a closing-bell ceremony in Houston on December 7.
Dallas Exchange Builds Corporate-Listings Roster
The latest transfers continue a rapid expansion of corporate listings on TXSE.
The Dallas Express reported October 5 that nearly $100 billion in market value tied to Energy Transfer, Sunoco, SunocoCorp, and USA Compression Partners began trading with TXSE primary listings that day.
Dillard’s also transferred its Class A common stock and trust securities from the New York Stock Exchange to TXSE.
Dallas-based Texas Capital Bancshares followed days later. SEC records show its Nasdaq listings ended after the October 7 market close and began trading on TXSE on October 8.
TXSE’s current trading alerts list CECO Environmental and International Bancshares among the companies scheduled to join the exchange Monday.
TXSE Began Trading In July
The Texas Stock Exchange began production trading less than four months ago.
As The Dallas Express reported July 6, the Dallas-headquartered exchange launched production, quoting, and trading operations as part of a phased rollout.
TXSE describes itself as a fully integrated electronic national securities exchange built and headquartered in Dallas.
A company transferring its primary listing does not mean its shares can only be bought or sold through that exchange. Rather, the primary exchange becomes the company’s principal listing venue and administers the listing relationship and associated requirements.
For CECO and International Bancshares, that relationship shifts from Nasdaq to Dallas when trading opens Monday.
