Laser Giant Coherent Announces Bell Ringing At NYSE Listing

On May 23, 2023, at 9:26 a.m. local time, Coherent rang the opening bell at the New York Stock Exchange to witness another pivotal moment!
On February 8 of this year, Coherent, a U.S. laser system solutions provider, announced the transfer of its common stock and 6.00% of its Class A mandatory convertible preferred stock from the Nasdaq stock market to the New York Stock Exchange (NYSE).
And yesterday, Coherent officially announced the ringing of the bell on the NYSE with an imposing scene and uplifting morale directly on its foreign social media platforms: "Dr. Chuck Mattera, Coherent's Chairman and CEO, had the honor of ringing the opening bell at the New York Stock Exchange! "
This exciting moment marked a critical point almost one year after II-VI successfully completed its acquisition of Coherent on July 1, 2022 (the combined company was named Coherent Corp. on September 8, 2022). In addition, this moment also marked its third month of transition to the New York Stock Exchange after 36 years as a public company.
In the official announcement of the bell ringing, Dr. Mattera said with excitement, "The New York Stock Exchange has a long tradition of ringing the opening bell and Coherent is honored to be welcomed." "We joined the NYSE in part because of our desire for a new brand. On behalf of our Board of Directors, our senior leadership team and all of Coherent Corp.'s employees worldwide, I would like to thank the NYSE for the tremendous honor of working with so many of the world's most prestigious companies."
In a February statement, the company said the shares will cease trading on the Nasdaq at the close of business on Feb. 22, 2023, local time. Beginning Feb. 23, 2023, its common stock and 6.00 percent of its Class A mandatory convertible preferred stock are expected to begin trading on the New York Stock Exchange under the symbols "COHR" and "IIVI," respectively.
Dr. Vincent D. Mattera, Coherent's Chairman and CEO, commented at the time, "We are very excited to join the NYSE as it is one of the most prestigious trading platforms in the world. Our business is going through a period of great change, and this is part of that change. We look forward to a fruitful relationship with the NYSE as we continue to grow our company and increase shareholder value. In addition, we are grateful for all the support we have received from the NASDAQ since our initial public offering in 1987."
Earlier this month Coherent announced its latest financial results, showing that Coherent's total revenue for the third quarter of fiscal 2023 reached $1.24 billion, up 50 percent year-over-year. On the order side, Coherent's backlog for the quarter was $2.6 billion, up 23 percent year-over-year. Now that the clock has been successfully rung on the NYSE, I believe Coherent will usher in a new and better chapter!