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A Connecticut-based publicly traded company announced it’s transferring the listing of its common stock from Nasdaq to the New York Stock Exchange.
Greenwich-based QXO Inc., a new player in the building products distribution industry, said it expects to begin trading on the New York Stock Exchange on Jan. 17, when Chairman and CEO Brad Jacobs will ring the opening bell, the company announced.
QXO will retain its stock ticker, QXO, and continue to trade on Nasdaq until the transfer is complete, the company said.
“We're excited to list QXO's shares on the Big Board,” Jacobs said. "The public companies I founded prior to QXO and listed on the NYSE have all delivered outsized shareholder value. We intend to replicate that success by creating a tech-forward leader in the $800 billion building products distribution industry.”
Jacobs is a well-known entrepreneur and founder of Greenwich-based XPO Logistics, a transportation and logistics business that has spun out multiple new companies
In December 2023, Jacobs and other investors agreed to invest about $1 billion into publicly traded software company SilverSun Technologies Inc., and renamed it QXO, according to the Wall Street Journal.
That investment was completed last June.
QXO describes itself as a “value-added reseller” of business application software that provides accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications.
The company said it is targeting the manufacturing, distribution and service industries, with a planned focus on the building products distribution sector.
Jacobs said he expects QXO to grow to $50 billion in revenue over the next decade, the WSJ reported in November.
Through the first nine months of 2024, QXO reported $42.1 million in revenue and a profit of $16.8 million, according to a financial statement.
QXO’s stock price was trading around $16 on the Nasdaq Tuesday morning; the company has a market cap of $6.5 billion.
It lists its headquarters as 5 American Lane, in Greenwich, a nearly 35,000-square-foot office building where XPO Logistics is also based.
Jacobs is one of Connecticut’s wealthiest residents, with an estimated net worth of $9.5 billion, according to Forbes.
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