SAN JOSE, Calif., 11 Jan 2004
Cadence Design Systems, Inc. (NYSE:CDN) has joined an initiative that will enable it to list its stock on both the NASDAQ and the New York Stock Exchange (NYSE). Cadence , a long-standing member of the NYSE, joins five other market leaders in launching the initiative, announced by the Nasdaq Stock Market this morning. The five other companies are Apache Corporation (NYSE: APA), Charles Schwab (NYSE: SCH), Countrywide Financial (NYSE: CFC), Hewlett-Packard (NYSE: HPQ) and Walgreens (NYSE: WAG).
The dual listing will provide two immediate benefits: more choices for Cadence investors, and greater liquidity for the stock.
"Dual listing will benefit the entire Cadence community - investors, customers, and the company itself," said Ray Bingham, president and chief executive officer of Cadence. "This is an innovative program that recognizes the realities of today's trading environments, which demand more choices and greater efficiencies."
Cadence expects the dual listing to be effective within the month. The company's common stock will continue to trade on all markets under the same three-letter symbol (CDN).
Cadence is the largest supplier of electronic design technologies, methodology services, and design services. Cadence solutions are used to accelerate and manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics, and a variety of other electronics based products. With approximately 4,800 employees and 2002 revenues of approximately $1.3 billion, Cadence has sales offices, design centers, and research facilities around the world. The company is headquartered in San Jose, Calif., and traded on the New York Stock Exchange under the symbol CDN. More information about the company, its products and services is available at www.cadence.com.