Key Moments:
- Light & Wonder plans to shift its US$1.5 billion share buyback program from NASDAQ to the ASX amid a move to sole listing.
- As of the NASDAQ close on November 5, approximately US$705 million remained available for repurchase.
- The company will solely list on the ASX after November 13, 2025, with delisting from NASDAQ occurring on November 12, 2025.
Transition to Sole ASX Listing
Light & Wonder is set to transfer its US$1.5 billion share repurchase plan from the NASDAQ Stock Market to the Australian Securities Exchange (ASX), marking the final steps in consolidating its stock presence to a single exchange. This adjustment aligns with the company’s broader strategy as it advances towards sole listing on the ASX.
Buyback Program Details and Timeline
Initially announcing a multi-year US$1 billion stock buyback authorization in June 2024, Light & Wonder raised this limit to US$1.5 billion in mid-2025. The repurchase program is approved through June 2027 and represents a cornerstone of the company’s capital management and shareholder value initiatives.
According to a recent filing, Light & Wonder will continue repurchasing common stock on NASDAQ until the expected delisting date around November 13, 2025. Following this move, the company will direct its share buybacks toward CHESS Depositary Interests (CDIs) traded on the ASX, underscoring its focus on the Australian market.
| Repurchase Program Timeline | Key Actions |
|---|---|
| June 2024 | US$1 billion buyback plan announced |
| Mid-2025 | Authorization raised to US$1.5 billion |
| November 5, 2025 | US$705 million still available for repurchase |
| November 12, 2025 | Delisting from NASDAQ after market close |
| November 14, 2025, 10 a.m. AEDT | ASX becomes sole listing exchange |
Shareholder Guidance and Conversion Process
Shareholders who hold NASDAQ-listed shares will be required to convert those holdings into ASX-traded CDIs to continue participating on the ASX after delisting. Light & Wonder will provide detailed instructions on this process. Alternatively, shareholders may sell their securities or investigate over-the-counter trading options in the US post-delisting.
Capital Market Strategy and Operational Focus
By refocusing its stock exchange presence on the ASX, Light & Wonder targets improved alignment with its investor base, which shifted significantly toward Australian shareholders following a secondary listing in 2022. Leveraging the ASX’s specialized market environment for gaming companies, the firm aims to concentrate liquidity and streamline trading activity.
The company maintains strong financial results and operational momentum, echoing its disciplined approach to capital allocation. Through this consolidation, Light & Wonder reiterates its commitment to enhancing shareholder value and executing its strategic vision for long-term growth in the global gaming sector.
- Author
Daniel Williams
