Metris Companies Inc. announced that it has filed an application to list its stock on the New York Stock Exchange (NYSE).
Pending final approval from the NYSE, Metris will begin trading its shares under the symbol “MXT” on May 7, 1999. Metris Companies has approximately 19 million shares of common stock outstanding that are currently traded on the Nasdaq Stock Market under the symbol MTRS.
“Our rapid growth over the past several years has generated significant returns for our current investors and heightened interest among new investors,” said Ronald N. Zebeck, president and chief executive officer. “In response to investor demand, we are listing our shares on the New York Stock Exchange in order to provide our shareholders with the broadest and most efficient trading market possible. We expect to experience reduced price volatility and narrower quotation spreads that are typically available on the New York Stock Exchange. In addition, our new listing should expose the company’s shares to an increased potential investor base and provide us with improved liquidity in the future.”
Metris Companies Inc. is an information-based direct marketer of consumer credit products and fee-based services primarily to moderate income consumers. Based in St. Louis Park, Minnesota, Metris also has operations in Tulsa, Oklahoma; Baltimore, Maryland; Champaign, Illinois; Jacksonville, Florida and Phoenix, Arizona and currently employs approximately 2,200 people.Details