Badger Meter Inc. has filed an application to list its common stock on the New York Stock Exchange (NYSE). Pending approval of its application, Milwaukee-based Badger Meter anticipates that its stock will begin trading on the NYSE in mid-June, under its current symbol "BMI." Until that time, Badger Meter’s shares will continue to trade on the American Stock Exchange.
"We are honored to be eligible to join the many leading companies on the Big Board. Badger Meter has enjoyed a 37-year relationship with the American Stock Exchange that has served us well and has helped us to grow as a public company. However, with the increasing value of our shares, higher trading volume and improved financial performance, we believe our move to the NYSE is an appropriate next step that will give Badger Meter more visibility in the financial market and improve our stock’s liquidity," said Richard Meeusen, chairman, president and chief executive officer of Badger Meter.
In other business, shareholders voted to declassify Badger Meter’s board of directors. As a result, beginning at the 2009 annual meeting of shareholders, all directors will stand for reelection annually. "Our board recommended this change to our shareholders as part of our commitment to maintaining best practices in corporate governance," Meeusen said. Shareholders also approved the company’s 2008 restricted stock plan, which allows the company to make periodic grants of restricted stock to officers and certain employees. Badger Meter is a manufacturer and marketer of products incorporating liquid flow measurement and control technologies.