Facebook Won’t Exchange Exchanges; To Remain On Nasdaq
Despite the technical issues that marred Facebook’s May 18 initial public offering, the social network will continue to list its shares on the Nasdaq exchange, according to reports.
Despite the technical issues that marred Facebook’s May 18 initial public offering, the social network will continue to list its shares on the Nasdaq exchange, according to reports.
The Wall Street Journal reported that Facebook executives were concerned that switching exchanges would only further erode confidence in the company’s shares, which opened trading at $38 apiece and closed this past Friday at $31.09. The stock hit a low point of $25.87 per share June 5.
Facebook executives had met with New York Stock Exchange parent company NYSE Euronext in the days following the bungled IPO.
According to the Journal, Facebook executives have privately blamed Nasdaq for simultaneously releasing 12 million trades that had been held back by its technical issues at 1:50 p.m.
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