Light & Wonder to Delist on Nasdaq, List Solely on ASX

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Light & Wonder announced on its second-quarter earnings call that it will delist from the Nasdaq stock exchange and transition to a sole listing on the Australian Securities Exchange (ASX) by the end of November.

L&W President and CEO Matt Wilson said the move to the Sydney exchange can boost shareholder value.

“Following an extensive diligence process, I am excited to announce the board’s decision to transition to a sole ASX listing, which I believe will deliver tremendous shareholder value going forward,” Wilson said in a statement.

The company’s ASX listing two years ago was initially considered a secondary listing, but the Australian stock now accounts for 37 percent of the company’s market value. The company hired Jarden Australia and Goldman Sachs to evaluate the potential of a sole ASX listing, which could include a place on the prestigious ASX 50.In the second quarter, L&W bought back $100 million worth of its own shares, part of a $1.5 billion share repurchase program that began last year. The remaining $950 million designated for stock repurchase is expected to be used to retire stock prior to the Nasdaq delisting in November.