Light & Wonder to delist from Nasdaq, transition to ASX sole listing

LAS VEGAS - Light & Wonder, Inc. (NASDAQ and ASX:LNW) announced Monday that it plans to delist its common stock from the Nasdaq Stock Market effective November 13, 2025, as it transitions to a sole primary listing on the Australian Securities Exchange (ASX).

According to the company’s timeline, Light & Wonder will file the Form 25 notice of delisting with the SEC on November 3, with the final day of Nasdaq trading scheduled for November 12. Trading on the ASX as a sole primary listing will commence on November 14 at 10:00 am AEDT.

The gaming company stated that the decision to consolidate on the ASX reflects its strategic focus on aligning its capital markets presence with long-term growth plans and shareholder base. Light & Wonder cited the ASX as "a deep and liquid market that has a robust understanding of the gaming sector."

Following the delisting, Light & Wonder shares will no longer be tradeable on Nasdaq. Shareholders who wish to continue trading on a centralized exchange will need to convert their shares into CHESS Depositary Interests (CDIs) for trading on the ASX. Alternatively, shareholders can sell their shares on Nasdaq before the suspension or continue holding them for trading on the over-the-counter market after delisting.

The company has provided detailed instructions for shareholders on how to convert Nasdaq-listed shares into ASX-tradeable CDIs, with the process typically taking two business days to complete.

The transition from an ASX Foreign Exempt Listing to an ASX Standard Listing remains subject to ASX waivers and confirmation of various conditions, according to the press release statement.

Light & Wonder describes itself as "the leading cross-platform global games company" with approximately 6,500 employees.

In other recent news, Light & Wonder reported second-quarter 2025 revenue of $809 million, which did not meet the consensus estimate of $851.1 million. However, the company’s Adjusted EBITDA of $352 million slightly surpassed analyst expectations of $351.7 million. Benchmark has lowered its price target for Light & Wonder to $90.00 from $100.00, while still maintaining a Buy rating on the company. Additionally, Light & Wonder’s subsidiary, Light and Wonder International, Inc., completed a private offering of $1 billion in senior unsecured notes with a 6.250% interest rate due in 2033. The notes are guaranteed on a senior basis by Light & Wonder and certain subsidiaries, though they remain unsecured. The company has also submitted a Statement of CHESS Depositary Interests to the Australian Securities Exchange. This information was disclosed in a press release and included in a Form 8-K filing with the U.S. Securities and Exchange Commission.

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