Texas Capital to move primary listing from Nasdaq to Texas Stock Exchange
Texas Capital Bancshares will begin trading on the new exchange on Oct. 8, becoming its fifth corporate convert in one week.
Texas Capital Bancshares will move its primary stock listing from Nasdaq to the Texas Stock Exchange, with trading expected to begin Oct. 8, according to Bloomberg. The Dallas-based financial services company will become the fifth corporate convert to the new exchange in one week.
Chief Executive Officer Rob Holmes said bringing the company’s listing to the Texas marketplace was the logical next step as Texas Capital expands access to global capital markets. Holmes also serves on the Texas Stock Exchange advisory board.
The company said it plans to change its ticker to TXCP shortly after moving its corporate listing. Last month, Texas Capital announced plans to transfer the listings of two exchange-traded funds to the exchange.
The company has a market value of about $4.3 billion. Its move follows announcements from Energy Transfer and three related companies, including Sunoco and USA Compression Partners, that they would shift listings to the Texas exchange.
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The exchange, founded by James Lee, has raised more than $300 million from investors including JPMorgan Chase, BlackRock, and Citadel Securities.
It is seeking listings from companies in Texas and the southeastern United States while competing with new Texas venues launched by Nasdaq and the New York Stock Exchange.