It’s not a new dot-com or high-flying social media company, but the new American Airlines will join Amazon and Facebook next month on the NASDAQ exchange when the company completes its merger with US Airways.
The combined company, which is expected to debut in December, will trade under the stock ticker symbol AAL. Shareholders of American’s parent company, AMR Corp., and owners of US Airways will both receive equity in the new American Airlines Group when the merger closes.
“Today we moved another step closer in our preparations to launch the new American Airlines. NASDAQ offers a most advanced trading platform driven by innovation and efficiency — qualities that complement the new American,” said AMR’s chief executive Tom Horton in a statement. Horton, who will become non-executive chairman at the new company, has overseen the introduction of a new logo and livery for AMR during its bankruptcy restructuring.
Currently, US Airways trades under the symbol LCC on the New York Stock Exchange; it closed up 23 cents at $23.89 on Friday. AMR shares, which closed down 11 cents at $11.77, trade over-the-counter under the symbol AAMRQ since its AMR shares were unable to maintain listing requirements on the New York Stock Exchange after the company filed for bankruptcy protection in November 2011.
“We are pleased to have the new American Airlines call NASDAQ home and we look forward to celebrating many milestones with the company and its shareholders in the years to come,” NASDAQ chief executive Bob Greifeld said on Friday.
American expects to emerge from bankruptcy and complete its merger with US Airways in mid-December pending court approval of its antitrust settlement with the Justice Department that was announced this week.