Light & Wonder Conditionally Approved for Secondary Listing on the ASX
LISTEN TO THIS ARTICLE:Light & Wonder has received conditional approval from the Australian Securities Exchange (ASX) for a secondary list on the ASX.
The company expects the listing as an ASX Foreign Exempt Listing to go into effect today, Thursday, 18 May. On 22 May, the official quotation of L&W Chess Depositary Interests (CDIs) is expected to begin, and each CDI will represent one fully paid share of common stock.
Light & Wonder explained that existing shareholders who wish to keep their holding as shares on the company’s primary listing on NASDAQ in the US do not need to take any action. However, those that wish to convert some or all of their shares into CDIs can do so by using a Notice of Transmutation form.
The approval for the secondary listing comes a week after Light & Wonder reported a 17.1% year-on-year increase in revenue for Q1 2023, which was boosted by strong performances from its iGaming and SciPlay social gaming segments.
The company enjoyed double-digit growth across all of its segments in the first quarter. The gaming division remained the company’s primary revenue source, with revenue of $419 million. SciPlay revenue was $186 million, and iGaming revenue was $65 million. Overall, Q1 revenue was $670 million, up from $572 million in Q1 2022.
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