By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
PROVIDENCE – Nortek Inc., manufacturer of residential and commercial ventilation and HVAC products, began trading its stock on the Nasdaq Global Market as “NTK.”
At 10:34 a.m. Tuesday, the stock’s last trade was at $21.
“This is an exciting day for everyone at Nortek. We are pleased to be included in the Nasdaq Global Market and believe that this will increase our visibility within the investment community and allow us to reach an additional investor base,” said CEO J. David Smith.
Edward J. Cooney, senior vice president and treasurer, noted that the company began the process to join the Nasdaq about a year ago.
“It’s something that we wanted to do. It wasn’t really a timing thing,” he said noted that the company first outlined its plan to join the Nasdaq in 2009 when it did a “balance sheet restructuring” that resulted in a 57-day trip through bankruptcy.
“We have been trading the stock over-the-counter but now we’re on a national exchange - that’s an important milestone,” Cooney added.