Hawaiian Holdings switching to Nasdaq
The parent company of Hawaiian Airlines said yesterday its stock will begin trading on the Nasdaq Stock Market beginning June 2.
Hawaiian Holdings Inc., which will continue to trade under the ticker symbol "HA," becomes the second Hawaii company to abandon the American Stock Exchange in the last two months.
Maui Land & Pineapple Co. switched from the American to the New York Stock Exchange on April 2.
Hawaiian will continue to trade on the American until its transfer.
"We believe the move to Nasdaq will improve the visibility of our stock, enhance trading liquidity in our shares, and provide the company with greater exposure to institutional investors," said Hawaiian President and Chief Executive Mark Dunkerley said.
Hawaiian, which has a market capitalization of $333.5 million, fell 34 cents yesterday to $7.05.
The announcement was made after the market closed.
Through yesterday, Hawaiian's stock was up 38.2 percent in 2008 and 83.4 percent over the last 52 weeks.
Barnwell Industries Inc., which will be the lone remaining Hawaii company listed on the American after Hawaiian leaves, said yesterday it is evaluating where it is listed and considering its alternatives.
Earlier this year, the NYSE announced it was acquiring the AMEX for $260 million in stock. The deal is expected to close in the third quarter