Light & Wonder Withdraws from Nasdaq to Prioritize ASX

Light & Wonder, Inc. (LNW), listed on both NASDAQ and ASX, declared its plan to officially remove its common stock from the Nasdaq Stock Market. This strategic move underscores the company’s intention to concentrate its operations on the Australian Securities Exchange (ASX). This decision reflects a pivotal shift in the company’s capital markets strategy, designed to better align with its shareholder demographics and long-term growth ambitions. The company regards this as a fundamental step to bolster its operations in an "evolving shareholder base."\n\nBy doing so, Light & Wonder aims to consolidate liquidity within the ASX, which they describe as a significant and insightful market, particularly well-versed in the gaming sector. This transition follows an earlier announcement this year that outlined the company's intention to realign its stock trading focus. The delisting is scheduled to proceed according to a specific timeline, culminating in an exclusive listing on ASX.

Delisting Details and Shareholder Options

According to the timeline, Light & Wonder plans to submit a Form 25 with the U.S. Securities and Exchange Commission (SEC) on November 3, 2025. Trading on Nasdaq will halt after the market closes on November 12, with delisting becoming effective the next day. From November 14, 2025, trading will occur solely on the ASX from 10:00 a.m. AEDT.\n\n"The decision to transition to a sole ASX primary listing reflects Light & Wonder’s strategic focus on aligning our capital markets presence with our long-term growth plans and shareholder base," the company stated.\n\nFor shareholders, the cessation of trading on Nasdaq necessitates certain actions. Investors wishing to continue trading through a centralized exchange must convert their holdings to CHESS Depositary Interests (CDIs), which represent beneficial ownership and are tradable on the ASX. The company has outlined options for shareholders: either sell shares before the Nasdaq trading concludes on November 12, 2025, or convert shares into CDIs for ASX trading.\n\nThe conversion can be handled through investors' brokers or directly with Equiniti Trust Company, LLC, Light & Wonder’s U.S. transfer agent. The conversion generally completes in two business days upon submitting complete documentation. CDI statements will be issued to investors electronically, as the company does not provide paper certificates. However, those retaining their Nasdaq-listed shares post-delisting will have to trade on the over-the-counter (OTC) market.

Financial Restructuring through New Notes Issuance

In related financial strategies, Light & Wonder, through its subsidiary Light and Wonder International, Inc. (LNWI), issued $1 billion in 6.250% senior unsecured notes due in 2033. This private financial move, priced precisely at 100%, was finalized on September 24, 2025, after undergoing standard conditions for closure.\n\nThis issuance is part of actions aimed at strengthening the company’s balance sheet. The proceeds are allocated to fully repay borrowings under LNWI’s revolving credit facility, redeem $700 million of its outstanding 000% notes due in 2028, and fund general corporate purposes, including the potential for share repurchases.\n\nThe new notes are guaranteed by Light & Wonder and selected subsidiaries, representing a refinancing strategy intended to extend maturity dates and reduce interest expenses. By decreasing its borrowing costs from 7% to 6.25%, the company is enhancing its capital flexibility, allowing them to continue investing in digital and cross-platform gaming content strategies for future growth. Source: “Light & Wonder Provides Delisting Notice to Nasdaq”, explore.lnw.com, October 23, 2025 By GamesAndCasino