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Slap changes the ticker symbol to WORK prior to the NYSE debut



Stewart Butterfield, co-founder and CEO of Slack, at 2018 WEF in Davos, Switzerland.

Adam Galica | CNBC

Slack is geared up for his stock exchange debut and has landed on a new ticker symbol: WORK.

In an updated prospectus on Monday, the company said it had received approval from the New York Stock Exchange to list under the ticker after previous application to list it shares under the symbol SK. It is a subtle but remarkable change at the start of one of the more sought after technology offerings in 201

9.

Slack, the maker of the popular fair service, faces competition from large corporations, including Cisco and Microsoft, and clearly wants to emphasize how central it is to get work done. The original prospect mentioned "work" more than 40 times.

For people who follow the market for collaborative music, the new ticker symbol can remind them of Atlassian, a company closely related to Slack and having the symbol TEAM. Last year, Atlassian sold its rival chat service HipChat to Slack in exchange for a stake in the company. Slack says in the prospectus that it has an integration with Atlassians Trello service.

Put the two tickers together and you get TEAM WORK.

Atlassian has been one of the best possible software stocks over the past year, climbed 96% and pushed its market value over $ 30bn. Slack's shares have traded on the secondary market at prices that value the company as high as nearly $ 17 billion.

Slack chooses the direct listing route rather than pursuing a traditional initial public tender. This means that it will disclose its shares and let existing investors sell on the public markets, but the company will not sell new shares and will thus not offset fresh capital.

WATCH: Slack files for direct listing on NYSE


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