Light & Wonder will complete its move to a sole Australian listing next month when it delists from the NASDAQ stock market.
The gaming supplier notified NASDAQ on Thursday of its intention to delist from the market, with trading in Light & Wonder shares set to be suspended after the close of trading in New York on November 12.
The delisting from NASDAQ will become effective on November 13.
Light & Wonder said the transition to a sole primary listing on the Australian Stock Exchange (ASX) reflects the company’s strategic focus on aligning its capital markets presence with its long-term growth plans and shareholder base.
“We are seeking to consolidate trading liquidity onto the ASX, a deep and liquid market that has a robust understanding of the gaming sector,” said the company.
Holders of shares currently listed on NASDAQ have the option to sell their shares prior to the suspension of trading, or continue to hold their shares following the delisting from NASDAQ, with these shares tradeable only on the over-the-counter (OTC) market.
Shareholders who want to continue to trade their shares on a centralized stock exchange will be required to transmute/convert their shares into CHESS Depositary Interests (CDIs) for trading on the ASX.
Light & Wonder began trading on the ASX on May 22, 2023, as a secondary listing to NASDAQ.
The company announced its plan for a sole listing in Australia in its second quarter results announcement in early August.
Shares in Light & Wonder Inc. (NASDAQ:LNW) closed 0.68 per cent lower at $75.85 per share in New York Thursday.