Aphria begins trading on the NYSE
QUESTION: Can you explain why Aphria - stock symbol APHQF - shows as an unrecognizable stock symbol on Fidelity's trading platform? The stock was trading normally yesterday. Thank you for any information that you can provide!
D.O. from California, USA
ANSWER: On November 2, 2018, Aphria began trading on the New York Stock Exchange under the symbol APHA. When a company upgrades its listing it will normally drop its former listing which was APHQF on the Over-the-Counter Market.
So on November 1, 2018, APHQF closed on the USOTC market and opened on November 2, 2018 as APHA on the Big Board, that is, the New York Stock Exchange.
As there are some 2,800 companies traded by the New York Stock Exchange, a newly listed company may not be able to have the trading symbol they prefer. Aphria would have probably wanted APH which has been its symbol on the Toronto Stock Exchange. But APH was already taken by Amphenol Corporation. As a result, they settled on APHA.
When Canopy Growth became the first Canadian Licensed Producer to list on the NYSE, their symbol was CGC even though their Toronto Stock Exchange symbol – WEED – was not taken. No one has said this but I thought at the time that the NYSE officials probably thought WEED was perhaps a little too undignified for the upscale Wall Street crowd. As a result, Canopy has two very distinct ticker symbols – WEED on Toronto and CGC in New York.