Light & Wonder has set the date for its listing withdrawal from the Nasdaq Stock Market to November 13, 2025, moving on with its plan to trade exclusively on the Australian Securities Exchange (ASX).
November 12, Last Day of Trading
The gaming company, which currently holds a double US-Australia listing, explained that the shift is part of its complex plan to align its capital market presence with its goals in the long run, including a focus on the ASX, which it described as “a deep and liquid market that has a robust understanding of the gaming sector.”
Light & Wonder will file a Form 25 notice with the US Securities and Exchange Commission (SEC) on November 3. The final day of trading on Nasdaq will be November 12, with the company beginning sole trading on the ASX the next morning at 10 a.m. AEDT.
The company added that consolidating its listing would improve trading efficiency and better reflect its shareholder base, which has grown significantly in Australia since its secondary listing there in 2022.
CDI Conversion Versus Sale
Once delisted, Light & Wonder shares will no longer trade on Nasdaq. Investors who want to continue trading must convert their holdings into CHESS Depositary Interests (CDIs), the standard mechanism for international listings on the ASX.
The conversion typically takes about two business days. Shareholders can also sell their stock before the Nasdaq suspension or continue to hold it for over-the-counter trading in the U.S. after delisting.
The transition to a full ASX standard listing remains subject to regulatory approvals and several technical conditions. The company has published guidance to help investors navigate the conversion process.
Light & Wonder employs roughly 6,500 people and positions itself as a “cross-platform global games company,” developing both digital and land-based gaming products.
The company reported $809 million in revenue in Q2 2025, falling short of analysts’ $851 million projections. However, Adjusted EBITDA slightly went over the forecasts at $352 million.
Benchmark recently lowered its price target for Light & Wonder shares from $100 to $90 while maintaining a Buy rating, as a result of the ongoing confidence shown in the company’s strategy.
Light & Wonder company also completed a $1 billion private offering of senior unsecured notes at 6.25% interest, due in 2033. These notes are guaranteed by Light & Wonder and several subsidiaries, but remain unsecured.