Light & Wonder, Inc. (NASDAQ and ASX: LNW) has confirmed its intention to withdraw its common stock from the Nasdaq Stock Market and move to a sole primary listing on the Australian Securities Exchange (ASX). The company described the transition as a key milestone in aligning its capital markets presence with its growth objectives and expanding shareholder base.
Light & Wonder said it plans to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) on November 3, 2025 (EST), officially beginning the delisting process. Nasdaq trading of the company’s shares will conclude after the market closes on November 12, 2025, with the delisting becoming effective the following day, November 13 (EST). From November 14, 2025, trading will continue solely on the ASX at 10:00 a.m. AEDT.
According to the company, the shift underscores a deliberate move to consolidate trading liquidity on the ASX, a market it calls “deep and liquid” and one that “has a robust understanding of the gaming sector.”
“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 said in a statement.
Transition Details and Impact on Shareholders
Once the delisting is finalized, Light & Wonder shares will no longer trade on Nasdaq, leaving the ASX as the company’s sole primary listing. Nasdaq-based investors wishing to continue trading must convert their shares into CHESS Depositary Interests (CDIs)—instruments that represent beneficial ownership of the underlying shares.
Shareholders have several options during this transition period:
- Sell their shares on Nasdaq before the final trading day (November 12), or
- Convert shares into CDIs to continue trading on the ASX.
The company outlined two conversion methods. Holders with shares through a broker should request their broker to complete a Notice of Transmutation: CDI Issuance Form, submitted to Equiniti Trust Company, LLC, Light & Wonder’s U.S. transfer agent. This process, including the DTC’s Deposit/Withdrawal at Custodian (DWAC) procedure, typically takes two business days once all documentation is received.
Direct shareholders can also complete and submit the same form to Equiniti. Following conversion, CDIs are recorded electronically, and holders receive statements confirming their positions. Certificates are not issued for CDIs.
Light & Wonder noted that the transition remains subject to ASX waivers and regulatory confirmations.
Broader Corporate Developments and Market Context
The announcement comes as Light & Wonder continues to navigate several major business and legal developments. Earlier this month, the company’s subsidiary, Light & Wonder International, Inc., completed the pricing of $1 billion in 6.250% senior unsecured notes due 2033. The proceeds will be used to repay debt under its revolving credit facility, redeem $700 million of 7.000% notes due 2028.
In parallel, Light & Wonder is managing ongoing legal disputes, including a Nevada court ruling granting Aristocrat access to its game math models and a separate arbitration order involving Evolution over alleged trade secret misuse tied to its Lightning Roulette concept.
Despite these challenges, market analysts, including David Katz of Jefferies Equity Research, continue to view Light & Wonder as a long-term value play, emphasizing the company’s strong positioning in the global gaming and digital content markets.
Source:
“Light & Wonder Provides Delisting Notice to Nasdaq”, explore.lnw.com, October 23, 2025
The post Light & Wonder to Delist from Nasdaq, Transition Solely to ASX Listing first appeared on RealMoneyAction.com.