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The New York Stock Exchange, a wholly-owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that Insteel Industries, Inc. (NYSE: IIIN) has completed its listing transfer and will begin trading today as an NYSE-listed company.
The nation’s largest maker of steel-wire reinforcing products for concrete construction applications, Insteel now will be able to leverage all of the advantages of membership in the NYSE community, a group of more than 2,000 of the world’s largest, leading and most innovative companies.
The advantages of an NYSE listing include the Exchange’s unique market model combining cutting-edge technology and human judgment, an unmatched network of CEOs and business leaders among the listed community, the incomparable brand visibility that stems from an Exchange listing, and core investor-relations services.
Headquartered in Mount Airy, North Carolina, Insteel, whose legacy dates to 1953, today operates 10 modern manufacturing facilities across the United States, primarily serving manufacturers of concrete products used in nonresidential construction. The company’s listing transfer represents a return to the NYSE, where it was previously listed for 10 years through 2002.
"We are pleased to return our share listing to the New York Stock Exchange and look forward to realizing the many benefits of its unique value proposition," said H.O. Woltz III, President and CEO of Insteel.
"Insteel’s decision to transfer its listing to the New York Stock Exchange underscores the company’s commitment to industry leadership, taking its rightful place among our extraordinary community of NYSE-listed companies similarly focused on innovation and value creation," said John Tuttle, NYSE Group’s Vice Chairman and Chief Commercial Officer.
Nearly 300 companies have switched their listings to the NYSE since 2000, representing more than $1 trillion in current market value.
About NYSE Group
NYSE Group is a subsidiary of Intercontinental Exchange (NYSE: ICE), a provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities, as well as a leading technology provider for the U.S. residential mortgage industry. NYSE Group’s equity exchanges -- the New York Stock Exchange, NYSE American, NYSE Arca, NYSE Chicago and NYSE National -- trade more U.S. equity volume than any other exchange group. The NYSE is the premier global venue for capital raising. NYSE Arca Options and NYSE Amex Options are leading equity options exchanges.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
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