Gaming device manufacturing business Light & Wonder (NASDAQ: LNW) said today it won conditional favourable reception from the Aboriginal Australian Securities Exchange (ASX) to list its shares on that bourse.
The Las Vegas-based one-armed bandit machine shaper delivered the annunciation after the tightlipped of US markets. Shares of Light & Wonder are trading slightly take down inward Wednesday’s after-hours session after posting a make headway of 2.72% during touchstone trading hours.
It is hoped-for that Light & Wonder testament live admitted to the functionary name of the ASX, as an ASX Foreign Exempt Listing, on Thursday, May 18, 2023,” according to a statement. “Official quote of L&W CHESS Depositary Interests (CDIs) is expected to commence at 11:00 a.m. (AEST) on Monday, May 22, 2023 (9:00 p.m. (EDT) on Sunday, May 21, 2023).”
In Australia, the inventory testament turn out the stock ticker “LNW” as it does inwards the US.
For Light & Wonder, Jonathan Swift Move to Australia
Two years ago, then operating as Scientific Games, Light & Wonder considered a secondary itemization in Sydney, but that thought was shelved.
It was revived in March and the program rapidly came to life. When the companion delivered first-quarter results last-place week, it noted that its table of directors approved the program for a secondary divvy up listing inward Australia. Each CDI will follow tantamount(p) to single ordinary Light & Wonder share.
Based on its market capitalization of $5.63 one million million at today’s close, Light & Wonder testament follow ane of the larger gaming equities listed on the ASX and in the middle of the bundle of the exchange’s boilers suit itemisation pedestal as metric past securities industry value.
“The secondary listing and official quote remain content to last commendation by the ASX. There tin can follow no more pledge as to their timing or completion,” added the company in the statement.
The dealing testament experience no more impact on investors holding the US edition of the stockpile and the company’s primary feather listing testament remain on the Nasdaq.
Light & Wonder Motivation for Aussie Listing
While secondary listings aren’t transformative transactions, the run could pay off long-term dividends for Light & Wonder and its investors.
The company’s logical thinking for a Sydney listing is sound. Australia is single of the to the highest degree matured gaming markets in the world. As such, its majuscule markets localize a great emphasis on stocks from this industry than perform US exchanges
A potentiality do good inwards that scenario is that the investor audience for Light & Wonder testament broaden among both institutional and retail market place participants. Sir Thomas More Aussie fund managers could nibble at the inventory with it existence listed at that place and should Light & Wonder prefer to supply debt in that country, it could chance a to a greater extent receptive audience than it would without the equity listing.
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