ASX Greenlights Light & Wonder’s Secondary Listing

On Wednesday, Light & Wonder announced that it has secured conditional approval from the Australian Securities Exchange for the company’s secondary listing. For reference, the company announced its intentions to follow up its NASDAQ listing with a secondary listing in Australia in March.

After announcing that it has secured conditional approval, the gaming manufacturer shared an indicative timetable of what happens now. According to the company, it will likely be admitted to the official list of the ASX, as an ASX Foreign Exempt Listing on May 18 (AEST).

Light & Wonder noted that the official quotation of its CHESS Depositary Interests will commence at 11:00 AEST next Monday. A CDI will represent a fully paid share of Light & Wonder common stock, the supplier added. Stakeholders will be able to convert some or all of their shares into CDIs.

However, the company warned that the secondary listing and official quotation are still subject to final approval from the ASX exchange. The company emphasized that the timetable is only indicative and that changes are possible.

What Does This Mean for Shareholders?

Light & Wonder addressed its shareholders, saying that those who wish to retain their stake in the primary NASDAQ listing do not need to do anything and shouldn’t worry about the secondary listing.

In the meantime, shareholders who would like to convert their shares into CDIs can do so following Light & Wonder’s instructions. The company said that these shareholders should first complete a Notice of Transmutation form that is available on Light & Wonder’s investor website. Alternatively, shareholders can reach out to American Stock Transfer & Trust Company, the company’s US transfer agent.

Shareholders must then send the completed transmutation form to AST, following the instructions described on the form itself. Shareholders should deliver broker-held shares through the Depositary Tryst Company, Light & Wonder noted. Physical shares, on the other hand, will require share certificates to be mailed to the AST.

For more information, Light & Wonder shareholders should visit the company site and carefully follow the instructions outlined there.

A week ago, Light & Wonder published its Q1 2023 results, reporting strong financials. At the same time, the company confirmed that its shareholders have approved the secondary listing, allowing it to proceed with its plans.