Light & Wonder to Cease Nasdaq Trading for Exclusive ASX Listing in November
Light & Wonder to End Nasdaq Listing
Light & Wonder has announced that it will discontinue trading on the Nasdaq Stock Market starting November 13, 2025. The company will focus exclusively on its listing on the Australian Securities Exchange (ASX) as part of a strategic decision to align its market presence more closely with its long-term objectives.
Final Nasdaq Trading Day and Transition Details
The company’s last day of trading on Nasdaq will be November 12, 2025. Following this, trading will commence solely on the ASX at 10 a.m. AEDT the next day. Light & Wonder will submit Form 25 to the US Securities and Exchange Commission (SEC) on November 3 to officially notify its withdrawal from Nasdaq.
This move aims to enhance trading efficiency and better represent the company’s shareholder demographic, which has significantly expanded in Australia since Light & Wonder added its secondary listing there in 2022.
Converting Shares to CHESS Depositary Interests (CDIs)
After delisting from Nasdaq, Light & Wonder shares will no longer be traded on that exchange. Shareholders who wish to continue trading their investment will need to convert their shares into CHESS Depositary Interests (CDIs), the format used for foreign companies listed on the ASX.
The CDI conversion process generally takes about two business days. Alternatively, shareholders may choose to sell their shares prior to the Nasdaq suspension or hold them for over-the-counter trading in the US after the delisting.
The full transition to an ASX-only listing is subject to regulatory approval and other technical requirements. Light & Wonder has provided detailed guidance to assist investors during this process.
Company Overview and Recent Financial Highlights
Light & Wonder employs around 6,500 people and operates as a global gaming company delivering both digital and land-based gaming solutions.
In the second quarter of 2025, the company reported revenues of $809 million, which was slightly below the analysts’ estimate of $851 million. Despite this, adjusted EBITDA surpassed expectations, reaching $352 million.
The investment research firm Benchmark recently adjusted Light & Wonder’s price target from $100 to $90 but maintained a Buy rating, indicating continued optimism about the company’s strategic direction.
Recent Financial Activities
Light & Wonder also completed a $1 billion private placement of senior unsecured notes with a 6.25% interest rate, due in 2033. These notes are guaranteed by the company and some of its subsidiaries but remain unsecured.
