Thomas Properties Group Inc. said it would transfer its stock listing from the Nasdaq Global Market to the New York Stock Exchange next week in an effort to boost investor interest in its common shares.
The downtown Los Angeles owner of office, mixed-use and residential properties in California and three other states said it expected to begin trading on the NYSE on May 8. The company, co-founded by Chief Executive Jim Thomas in 1996, has a market capitalization of $296 million, with 46 million shares outstanding.
“We believe a listing on the NYSE will increase our visibility within the investment community, consistent with our objective to further expand our investor base while creating value for our shareholders,” Thomas said in a statement late Friday.
Shares on Monday closed up 1 cent, or less than 1 percent, to $5.06 on the Nasdaq.