Light & Wonder is taking a decisive step in its strategic plans by exiting the Nasdaq Stock Market on November 13, 2025. This move is part of a broader initiative to concentrate its trading efforts solely on the Australian Securities Exchange (ASX), where it sees a promising future due to the market’s deep liquidity and robust understanding of the gaming industry.
November 12 will mark the last day the company’s shares will be traded on Nasdaq. By November 3, Light & Wonder will have filed a Form 25 with the US Securities and Exchange Commission (SEC), setting the stage for this significant transition. Trading on the ASX will commence the next day, November 13, at 10 a.m. AEDT, aligning with the company’s long-term objectives to enhance its presence in a market that increasingly represents its shareholder base.
The decision to consolidate its listings is driven by a desire to improve trading efficiency and better reflect the geographical distribution of its shareholders. Since Light & Wonder’s secondary listing on the ASX in 2022, there has been a notable increase in its investor base within Australia, which has prompted this strategic realignment.
Investors owning shares in Light & Wonder on Nasdaq have a couple of options as the company delists from the US market. They can either convert their shares into CHESS Depositary Interests (CDIs), which are necessary for international listings on the ASX, or they can opt to sell their shares before the Nasdaq trading halt. Alternatively, they may hold onto their shares for over-the-counter trading in the United States post-delisting.
The conversion process to CDIs generally takes about two business days and is part of Light & Wonder’s comprehensive guidance to assist investors in navigating this transition. The shift to a complete ASX standard listing is contingent upon regulatory approvals and meeting several technical requirements.
In terms of market performance, Light & Wonder recently reported a revenue of $809 million for the second quarter of 2025, which fell short of the projected $851 million. However, the company’s Adjusted EBITDA came in at $352 million, slightly above expectations, signaling operational resilience despite revenue challenges.
Market analyst firm Benchmark has adjusted its price target for Light & Wonder shares from $100 to $90, while maintaining a Buy rating. This reflects continued confidence in the company’s strategic direction, suggesting that the shift to a single listing could unlock further potential by consolidating market operations and capitalizing on the ASX’s strong gaming sector presence.
From a financial standpoint, Light & Wonder has also solidified its capital structure with the completion of a $1 billion private offering of senior unsecured notes at a 6.25% interest rate, maturing in 2033. These notes, while unsecured, are guaranteed by Light & Wonder and several of its subsidiaries, underscoring the company’s commitment to strengthening its financial foundation as it embarks on this new chapter.
The move to focus on the ASX is not without its challenges. Critics of the decision argue that leaving Nasdaq could limit the company’s exposure to the vast US investment market, potentially reducing its profile among American investors. However, Light & Wonder believes that the benefits of consolidating their listings and focusing on a market that better understands their industry outweigh these concerns.
In a reflective mood, Light & Wonder acknowledged the significance of this shift, expressing optimism that it would lead to better alignment with the company’s growth strategies and further engagement with its Australian investor base. The decision to exit Nasdaq and concentrate on the ASX aligns with its vision to be a leader in gaming innovation and customer engagement on a global scale.
The ASX, known for its strong regulatory environment and focus on sectors like gaming and resources, presents Light & Wonder with opportunities to engage with investors who have a deeper appreciation of the gaming business. The Australian market’s appetite for gaming stocks could, in fact, provide Light & Wonder with the growth platform it seeks.
As the company prepares for this transition, the focus remains on ensuring a smooth and efficient process for all stakeholders involved. Light & Wonder’s management remains committed to capitalizing on the opportunities that the ASX offers, while also maintaining strong relationships with its global customer and investor base.
Ultimately, Light & Wonder’s strategic decision to exit Nasdaq in favor of a focus on the ASX represents a calculated bet on the future of gaming and the company’s place within it. As the landscape of global gaming continues to evolve, Light & Wonder appears poised to adapt, innovate, and thrive in an industry that shows no signs of slowing down.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
