Light & Wonder (LNW) Completes Nasdaq Delisting as ASX CDI Listing, New ESPP and Governance Filings Go Live

Light & Wonder, Inc. has officially wrapped up its U.S. primary listing era. The gaming and iGaming group has now completed its long‑flagged Nasdaq delisting, shifted its capital‑markets home to the Australian Securities Exchange (ASX), refreshed its employee stock purchase plan and pushed through a wave of governance and debt filings — all converging around today’s 13 November 2025 milestone. ^[1]

Key takeaways

Nasdaq delisting now effective: Trading in Light & Wonder’s common stock on Nasdaq ceased after the close on 12 November, with the delisting taking effect before today’s U.S. market open. ^[2]
Index removals hit today: LNW is being removed from the S&P MidCap 400, FTSE Global Mid Cap and related FTSE indexes as of 13 November, forcing passive funds to rotate out. ^[3]
Trading shifts to ASX and OTC: The company’s primary trading venue is now the ASX (ticker: LNW), while in the U.S. the stock symbol is switching to LNWO on an OTC market, with corresponding listed options symbols changing as well. ^[4]
Big ASX paperwork day: Today’s ASX announcements cover new CDIs, a detailed capital‑structure disclosure, new bylaws, a corporate governance statement, a securities‑trading policy and indentures for senior notes. ^[5]
Employee Stock Purchase Plan (ESPP) re‑cut: An amended and restated 2016 ESPP, effective 14 November, lets eligible staff buy common stock or CDIs via payroll deductions, with the plan structured to qualify under U.S. tax rules. ^[6]
Underlying business is growing: Q3 2025 revenue rose to US$841m, net income jumped 78% to US$114m, and AEBITDA climbed 18% to US$375m, while a US$1.5bn buyback program continues to run. ^[7]

Nasdaq delisting lands – and index providers catch up

Light & Wonder first told investors in October that it would voluntarily delist its common stock from Nasdaq and consolidate its primary listing on the ASX. The company reiterated that the move is about aligning its capital‑markets presence with a shareholder base that has become increasingly Australia‑centric and pooling liquidity in a market more familiar with gaming names. ^[8]

Under the timetable, the Form 25 delisting notice was filed with the SEC on 3 November, the last day of Nasdaq trading was 12 November, and the delisting became effective before the U.S. market opened today, 13 November 2025. ^[9]

Index providers have moved in lockstep:

S&P Dow Jones Indices is deleting Light & Wonder from the S&P MidCap 400 effective prior to today’s U.S. open, replacing it with Sterling Infrastructure (STRL). ^[10]
FTSE Russell is also removing Light & Wonder from the FTSE Global Mid Cap Index and FTSE Multinationals Index based on 13 November pricing. ^[11]

Those changes mean benchmark‑tracking funds are forced sellers, amplifying near‑term technical pressure around the delisting date even as the company argues the strategic rationale is long‑term.

Where LNW now trades: ASX first, OTC in the U.S.

With Nasdaq out of the picture, there are now two main ways equity investors can trade Light & Wonder:

1. ASX: LNW as primary home

Light & Wonder’s primary listing is now on the Australian Securities Exchange under the code LNW, structured as CHESS Depositary Interests (CDIs) representing beneficial ownership of the underlying U.S. shares. ^[12]

ASX data show that on 13 November 2025 the stock closed around A$134.38, down roughly 4.15% on the session, with intraday trading between about A$132.6 and A$139.9. ^[13]

Today’s weakness comes despite strong recent earnings and may partly reflect:

forced index selling tied to global benchmark deletions
investors digesting the transition from dual‑list to ASX‑only liquidity
short‑term uncertainty around U.S. trading arrangements.

2. U.S. OTC: Symbol change to LNWO

In the U.S., Light & Wonder is not disappearing entirely. An information memo from The Options Clearing Corporation (OCC) states that the company’s trading symbol will change from LNW to LNWO effective 13 November 2025, reflecting a move to an OTC venue rather than a national exchange. As a result, listed options on the stock will also change from LNW/2LNW to LNWO/2LNWO on the same date. ^[14]

That nuance matters: some data providers describe “options delistings” today, but OCC’s circular clarifies that standardized options are being re‑symbolled, not extinguished, as the underlying shifts off Nasdaq.

ASX paperwork blitz: CDIs, capital structure and governance

Investors watching the ASX announcement feed today will have seen a flood of Light & Wonder documents, many of them prerequisites for its upgrade from an ASX Foreign Exempt Listing to a full ASX Listing.

Appendix 2A: New CDIs to be quoted

An Appendix 2A – Application for quotation of securities filed today requests quotation of 80,812,307 CDIs under code LNW, described as “CDI 1:1 FOREIGN EXEMPT XNGS,” with an issue date of 13 November 2025. ^[15]

The filing explains that these represent shares already issued historically which can now be settled as CDIs in connection with the change of admission category. It also notes that on‑market buybacks conducted on both Nasdaq and the ASX between 10–13 November have not yet been deducted from the amount the company seeks to have quoted, implying the quoted CDI number may drift lower as repurchases settle. ^[16]

Pre‑change of admission category disclosure

A separate “Pre‑change of admission category disclosure” lays out the company’s capital structure as it becomes a standard ASX listing. Key figures include: ^[17]

~80.23m shares / CDIs on issue
1.48m options
1.10m unvested restricted stock units (RSUs)
0.57m unvested performance RSUs (PSUs)

Footnotes emphasise that ongoing buybacks on Nasdaq (11–12 November) and on the ASX (10–13 November) are not yet netted from these totals, so share count will tighten as those trades settle. ^[18]

New bylaws, governance statement and policies

The same disclosure references a bundle of governance documents lodged with the ASX today, including: ^[19]

Fourth Amended and Restated Bylaws of Light & Wonder, Inc.
a Corporate Governance Statement tailored to ASX requirements
a refreshed Securities Trading Policy
summaries of governing law and indentures for senior unsecured notes due 2029, 2031 and 2033

Together, these filings effectively transplant Light & Wonder’s U.S.–style governance, disclosure and note documentation into the ASX regime, giving Australian investors a consolidated view of how the company is run and financed.

Employee Stock Purchase Plan (ESPP) gets a 2025 makeover

On the people side, Light & Wonder has moved to align its Employee Stock Purchase Plan with the new listing structure.

An ASX announcement titled “2016 Employee Stock Purchase Plan from 14 November 2025” and a corresponding company‑tracked summary confirm that the existing ESPP has been amended and restated, effective 14 November 2025. ^[20]

According to coverage from TipRanks, the updated plan: ^[21]

allows eligible employees to purchase company stock or CDIs through voluntary payroll deductions
is intended to comply with Section 423 of the U.S. Internal Revenue Code, preserving favorable tax treatment for U.S. participants
is positioned by the company as a tool to “foster employee investment in the company’s future” and deepen engagement

Separate benefits documentation indicates that Light & Wonder’s ESPP typically lets staff buy shares at a discount (historically around 15%) via six‑month offering periods, capping contributions as a percentage of eligible pay. ^[22]

For a company competing aggressively for game‑development and tech talent, a refreshed global ESPP that now cleanly accommodates CDIs on the ASX is a noteworthy cultural and capital‑alignment move.

Buyback program follows the stock to Australia

Light & Wonder’s US$1.5 billion multi‑year share repurchase program, originally launched at US$1.0bn in June 2024 and upsized in July 2025, is also mid‑transition. ^[23]

A 7 November company release confirmed that: ^[24]

the buyback is now being extended to cover ASX‑listed CDIs
repurchases of Nasdaq‑listed common stock would continue in the U.S. until today’s delisting
combined remaining capacity across both venues was about US$705m as of the close on 5 November
the board expects to deploy a “meaningful share” of that capacity before year‑end, and to keep buying back CDIs after the company converts fully to an ASX standard listing, subject to approvals and market conditions

The Pre‑change disclosure and Appendix 2A filings make clear that shares and CDIs repurchased on 10–13 November have not yet flowed through to the disclosed share counts, hinting that the program has been active in the lead‑up to today’s structural shift. ^[25]

Q3 2025: solid fundamentals beneath the listing drama

Behind the paperwork and ticker changes, Light & Wonder’s core business continues to grow.

In its Q3 2025 results, the company reported: ^[26]

Revenue: US$841m, up 3% year‑on‑year
Net income: US$114m, up 78% from US$64m
Diluted EPS: US$1.34 vs US$0.71 a year earlier
Consolidated AEBITDA: US$375m, up 18% from US$319m, lifting margins to 45%

By segment:

Gaming revenue rose to US$558m (+4%), helped by a 9% year‑on‑year expansion in the North American installed base and record margins, with acquired charitable‑gaming provider Grover contributing US$40m. ^[27]
iGaming revenue climbed 16% to US$86m, continuing its steady share‑of‑wallet gains. ^[28]
SciPlay revenue dipped 4% to US$197m as payers declined in some social‑casino titles, though margins in that division improved. ^[29]

Management also highlighted leverage and capital‑allocation progress: net debt leverage sits at about 3.5x, within the company’s 2.5x–3.5x target range, after issuing US$1.0bn of 6.25% senior unsecured notes due 2033 to refinance 7.00% 2028 notes and repay revolver borrowings. ^[30]

Full‑year 2025 guidance was maintained, with consolidated AEBITDA expected between US$1.43bn and US$1.47bn and Adjusted NPATA between US$550m and US$575m. ^[31]

Market and analyst reaction: strategic realignment, not retreat

Investor commentary around the delisting has been mixed but broadly frames the move as strategic rather than distressed:

Analysis pieces from AInvest describe the shift to an ASX‑only primary listing as a calculated effort to match Light & Wonder’s growing Australian investor base, consolidate liquidity, and pair strong earnings momentum with an enlarged buyback — while also flagging a relatively high debt‑to‑equity ratio as a key risk to monitor. ^[32]
GuruFocus’ options‑focused note today highlights Light & Wonder’s robust revenue growth and margins against a backdrop of elevated leverage, concluding that, overall, the business appears resilient but more volatile than the broader market. ^[33]
TipRanks data show the ASX‑listed CDIs (AU:LNW) carrying a Buy rating from the latest analyst report with a price target around A$206, implying material upside from today’s A$134‑ish close, though the technical sentiment signal currently reads “Hold.” ^[34]

In short, the capital‑markets story — delistings, index exits, symbol changes — is noisy, but it’s overlaying a business that continues to grow earnings, expand AEBITDA and aggressively return capital.

What today means for different stakeholders

Important: The following is general information only and is not personal investment advice. Investors should consult their broker, tax adviser or financial adviser about their specific situation.

U.S. shareholders

No more Nasdaq trading: You can no longer buy or sell LNW on Nasdaq; any U.S. trading is now via OTC symbol LNWO. ^[35]
Option 1 – Convert to CDIs: If you want to trade on a centralized exchange, the company’s FAQ and BusinessWire update outline how to convert U.S. shares into ASX‑traded CDIs via your broker and Equiniti, typically over a two‑business‑day process. ^[36]
Option 2 – Stay in the U.S.: You can continue to hold common stock and trade it OTC under LNWO, bearing in mind that OTC markets generally have different liquidity and transparency characteristics than major exchanges. ^[37]

Options holders

Check your broker’s notices: per OCC, standardized options have been re‑symbolled to LNWO/2LNWO as of today, not wiped out. Pricing and liquidity, however, may evolve as the underlying transitions to OTC. ^[38]

ASX investors

Light & Wonder is now firmly an ASX gaming heavyweight, sitting alongside names such as Aristocrat. Today’s suite of ASX announcements gives you fresh visibility into its share structure, governance and note covenants under local rules. ^[39]
The stock closed lower today despite upbeat fundamentals, as global index deletions and structural flows washed through the register — something long‑term investors may choose to watch closely. ^[40]

Employees

With the amended ESPP going live tomorrow, eligible employees can continue (or start) acquiring equity in the company — now including CDIs — through payroll deductions, aligning their upside more tightly with shareholders as the listing structure changes. ^[41]

The bottom line

For Light & Wonder, 13 November 2025 is less an ending than a re‑routing: the company exits Nasdaq and several global indexes but lands as a more fully‑integrated ASX‑centric gaming champion, backed by rising earnings, a sizeable buyback and a refreshed employee‑ownership framework.

Whether that translates into better long‑term returns will hinge on familiar fundamentals — execution in gaming, iGaming and SciPlay; disciplined use of leverage; and how effectively management uses its now Australia‑focused listing to tap capital and reward shareholders.

Light & Wonder (LNW AU): Index Implications of NASDAQ Delisting & ASX Primary Listing