Xerox to move from NYSE to Nasdaq

Xerox Holdings Corp. plans to transfer its common stock listing from the New York Stock Exchange to the Nasdaq Global Select Market. The move will take effect at market open on Sept. 21.

The company will continue to be listed under the ticker symbol XRX after the transfer occurs.

While Xerox continues to deliver workplace products and services for its network of global customers and partners, the company is leveraging its research and development capabilities to advance a variety of new technologies aimed at solving the world’s biggest challenges, company officials said in a statement Thursday. Priority areas of focus include digital transformation, augmented reality, robotic process automation, additive manufacturing, Industrial Internet of Things and cleantech.

“Xerox’s focus on services, software, financing and innovation indicates the direction we’re taking our business for the future. We’re challenging the status quo by developing and leveraging new innovations to create solutions that address major secular challenges across industries,” said Xerox Vice Chairman and CEO John Visentin. “I want to thank the NYSE, our listing exchange for the last 60 years, for its partnership.”

“As a longstanding technology leader, Xerox is continuing to innovate and serve as a champion for its people, customers and shareholders,” said Adena Friedman, president and CEO of Nasdaq. “Xerox’s listing on Nasdaq will allow them to continue creating value for all stakeholders. We’re proud to welcome them to the Nasdaq family.”

Shares of company stock were trading up less than 1 percent at $21.21 midday Thursday.

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IEC Electronics to trade on Nasdaq

Wayne County’s IEC Electronics Corp. will begin trading on the Nasdaq Global Market under the symbol IEC beginning Jan. 2, the company announced.

The Newark company, which provides electronic manufacturing services to advanced technology companies, will continue to trade on the NYSE through the close of market on Dec. 31.

“We are excited to join Nasdaq,” said company President and CEO Jeffrey Schlarbaum in a statement. “Given our strong growth in revenue and profitability, we believe this move will further enhance our visibility in the marketplace, expose our company to a larger audience of institutional investors and ultimately increase liquidity and shareholder value.”

IEC in November reported revenues of $43.9 million for the fourth quarter of fiscal 2019, an increase of more than 28 percent compared with revenues of $34.2 million for the fourth quarter 2018. The company posted net income of $1.8 million, or 17 cents per basic and diluted share for the fourth quarter of fiscal 2019, compared with net income of $9.1 million, or 89 cents per basic share and 87 cents per diluted share in the fourth quarter of fiscal 2018. Net income in 2018 included a one-time tax benefit of $7.8 million or 76 cents per share.

It was the fifth consecutive quarter of revenue growth and IEC’s second sequential quarter of revenues exceeding $40 million.

Revenues for fiscal 2019 increased 34.3 percent to $157.0 million, compared with $116.9 million for fiscal 2018.

In June, IEC broke ground on a 150,000-square-foot headquarters and manufacturing facility, a $22 million project expected to open in early 2020. Since announcing the construction, IEC has added nearly 200 staffers.

Shares of IEC stock closed Thursday at $9.22 and had fallen to $8.82 by midday Friday, following the company’s announcement of its move to Nasdaq. Company stock has since rebounded to $9.04 per share midday Monday.

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