by Andrea Ahles-November 15, 2013
The new American Airlines will trade under the stock ticker symbol AAL on the NASDAQ exchange when the company completes its merger with US Airways.
When the merger closes, US Airways shareholders and shareholders of American Airlines' parent company, AMR Corp., will receive equity in the new American Airlines Group.
Currently, US Airways trades under the symbol LCC on the New York Stock Exchange. AMR shares trade over-the-counter under the symbol AAMRQ as 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.
"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 American chief executive Tom Horton in a statement.
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.
Keep reading for the full release:
AMR Corporation (OTCQB: AAMRQ), whose principal operating subsidiary is American Airlines, Inc., and US Airways Group, Inc. (NYSE: LCC) today announced that they have applied to list the common stock of the combined company on the NASDAQ Global Select Market. Upon closing of the merger and AMR’s emergence from Chapter 11, the combined company will be renamed American Airlines Group Inc. and will use the ticker symbol “AAL.” Additionally, the common stock of both US Airways Group, Inc. and AMR Corporation will be cancelled and shareholders will receive equity interests in American Airlines Group Inc. per the terms of the Merger Agreement and Plan of Reorganization.
“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 Tom Horton, AMR’s chairman, president and CEO, and incoming chairman of the board of the new American Airlines.
“We are very excited about the listing of our shares on the NASDAQ Global Select Market,” said Doug Parker, chairman and CEO, US Airways, and incoming CEO of the new American Airlines. “The combined airline will have a strong financial foundation and is poised to deliver significant value to shareholders as a result of its robust global network. We are excited about what’s ahead for the new American and what we will be able to deliver for our investors, customers, employees and other stakeholders.”
“NASDAQ congratulates American Airlines and US Airways on their pending merger, which will solidify the company’s presence as a premier global airline,” said Bob Greifeld, CEO of NASDAQ OMX. “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.”
Completion of the merger remains subject to approval by the U.S. Bankruptcy Court and certain other conditions. The companies expect to complete the merger in December 2013, assuming such approval is given and other conditions are met.