Light & Wonder, Inc. has officially left the Nasdaq and begun life as a sole listing on the Australian Securities Exchange (ASX), wrapping the move in a suite of shareholder‑friendly measures – including a huge new on‑market buyback, fresh governance documents, and an updated employee stock purchase plan effective today. [1]
At the close in Sydney, Light & Wonder’s CHESS Depositary Interests (CDIs) were trading around A$131.66, down about 2% on the day, valuing the cross‑platform gaming group at roughly A$10.8 billion (US$7.0 billion). [2]
Sole ASX listing now live after Nasdaq exit
Light & Wonder’s transition from a dual listing to a sole ASX listing formally completed today.
- Last Nasdaq session: The company’s final day on the Nasdaq Stock Market was Thursday 13 November 2025, with trading ceasing after the 4:00pm closing bell in New York. [3]
- ASX sole listing start: Four hours later, at 10:00am Friday Sydney time, trading commenced solely on the ASX under ticker LNW. [4]
- Admission category change: ASX has now reclassified Light & Wonder from an “ASX Foreign Exempt Listing” to a full “ASX Listing” from the start of trading today, meaning it is now subject to the full ASX Listing Rules rather than primarily U.S. disclosure requirements. [5]
In a recent filing and commentary to Inside Asian Gaming, the company said the move is designed to:
- Align its capital‑markets presence with its long‑term growth plans and shareholder base
- Consolidate trading liquidity on the ASX, which management views as a deep, gaming‑attuned market
- Simplify the listing structure for shareholders who were previously split between Nasdaq and ASX CDIs [6]
Light & Wonder has been listed in Australia since 2022 and began actively encouraging shareholders to convert U.S. shares into ASX‑traded CDIs ahead of the delisting. Company FAQs note that investors who wish to continue trading on a centralized exchange must hold CDIs on the ASX; those remaining in the U.S. can instead access the stock through over‑the‑counter trading under ticker LNWO. [7]
Index providers have already responded to the switch:
- The ASX‑traded LNW has been added to the FTSE All‑World Index and the S&P Global BMI Index, reflecting its new primary listing. [8]
- The Nasdaq‑listed line has been removed from a string of U.S. benchmarks, including the S&P 400, S&P 400 Consumer Discretionary, and S&P Composite 1500, as the U.S. listing winds down. [9]
New on‑market buyback: up to 80.2 million CDIs
The biggest new development for shareholders today is a substantial on‑market buyback authorization aimed squarely at the ASX line.
Program size and structure
According to S&P Capital IQ and an Appendix 3C lodged with the ASX:
- Light & Wonder’s Board has authorized a new buyback plan, dated 14 November 2025. [10]
- The buyback allows the company to repurchase up to 80,234,110 shares/CDIs – a figure that matches the current number of CDIs on issue in the relevant class – with the program running through 11 June 2027. [11]
- The buyback will be conducted as an on‑market buyback of CDIs on the ASX, with Goldman Sachs Australia Pty Ltd appointed as broker and consideration paid in Australian dollars. [12]
Today’s Appendix 3C filing formally confirms the program to the ASX, citing “LNW: CHESS Depositary Interests 1:1” as the security subject to the buyback and specifying the on‑market structure. [13]
Continuation of US$1.5 billion capital return program
This fresh authorization builds on the multi‑year U.S. share repurchase program:
- Light & Wonder originally announced a US$1.0 billion buyback on 11 June 2024, later upsized to US$1.5 billion in July 2025. [14]
- By 31 October 2025, the company had returned US$1.5 billion to shareholders since 2022, retiring 19.9 million shares – around 21% of the pre‑program share count. [15]
- In its Q3 earnings release, Light & Wonder said it had used 51% of the expanded US$1.5bn authorization, leaving US$735 million in remaining capacity and signalling its intention to deploy a “meaningful share” of that capital by year‑end. [16]
An earlier ASX announcement on 7 November 2025 flagged the intention to extend this program to ASX‑traded CDIs, highlighting about US$705 million of remaining capacity and confirming Goldman Sachs Australia as the broker – effectively setting up today’s formal buyback filing. [17]
CDC Gaming and Inside Asian Gaming both note that the Nasdaq repurchase activity was set to continue right up to the U.S. delisting, after which buybacks will be focused on the ASX CDIs. [18]
Governance refresh: new Securities Trading Policy and ESPP effective today
Alongside the listing change and buyback, Light & Wonder has overhauled key governance and employee‑equity frameworks, many of which also become effective 14 November 2025.
Securities Trading Policy
A newly adopted Securities Trading Policy – approved by the Board on 4 November 2025 and effective today – has been lodged with the ASX and summarized by both AFR’s company announcements feed and TipRanks. [19]
Key points:
- The policy is designed to maintain public confidence in Light & Wonder’s reputation and in trading in its securities. [20]
- It sets out detailed procedures for directors, key management personnel and employees when dealing in Company shares or CDIs, with strict blackout periods and restrictions for anyone who might hold inside information. [21]
- The document explicitly seeks to ensure compliance with both Australian and U.S. securities laws, reflecting the company’s dual‑jurisdiction regulatory environment even after leaving Nasdaq. [22]
Amended and Restated 2016 Employee Stock Purchase Plan
Light & Wonder has also filed an Amended and Restated 2016 Employee Stock Purchase Plan (ESPP), again effective 14 November 2025. [23]
According to the ASX filing and TipRanks’ summary:
- The updated ESPP allows eligible employees to buy Light & Wonder stock or CDIs through voluntary payroll deductions, giving staff a direct stake in the company’s future. [24]
- The restatement aligns plan documentation with the new ASX‑centric capital structure and sits alongside refreshed incentive compensation plans and updated bylaws filed on 13 November 2025. [25]
ASX announcement summaries also point to:
- A Corporate Governance Statement
- Fourth Amended and Restated Bylaws of Light & Wonder, Inc.
- A Summary of Governing Law and updated 2003 Incentive Compensation Plan (pre‑ and post‑14 November versions)
—all lodged yesterday as part of the admission‑category change and governance clean‑up ahead of sole ASX listing. [26]
Fresh “Substantial holding notice” hits the ASX tape
Regulatory filings didn’t stop at governance. ASX records show that at 2:52pm (AEST) today, Light & Wonder lodged a “Substantial holding notice”, a form typically required when an investor crosses or changes a stake of 5% or more in an ASX‑listed entity. [27]
While the underlying PDF is not yet broadly summarized, the mere existence of the notice underlines ongoing institutional reshuffling around the new ASX‑only structure, with larger investors evidently positioning themselves for the company’s next phase.
That filing sits alongside this morning’s “Notification of buy‑back – LNW” ASX announcement, time‑stamped 9:39am, which corresponds to the Appendix 3C buyback details discussed above. [28]
Institutional investors still buying: Connor Clark & Lunn ups stake
In the U.S., today’s regulatory news flow also includes a fresh look at who owns Light & Wonder.
A MarketBeat alert published today shows that Connor Clark & Lunn Investment Management Ltd. increased its Light & Wonder position by 125.2% in the June quarter, purchasing 40,263 additional shares to bring its holding to 72,428 shares, or about 0.09% of the company, valued near US$7.0 million at the time of filing. [29]
The same report notes that:
- Other institutional names – including Goldman Sachs Group, Nuveen, Vaughan Nelson Investment Management, Castellan Group and Burgundy Asset Management – have also been active in the stock.
- Overall, about 88% of Light & Wonder’s equity is held by hedge funds and other institutional investors, underscoring its status as an institutionally‑owned gaming and technology play. [30]
MarketBeat also highlights the company’s most recent quarterly performance metrics:
- Q3 2025 EPS: US$1.81, beating consensus estimates of roughly US$1.45
- Revenue: US$841 million (up about 3% year‑on‑year, but modestly below some analyst forecasts)
- Return on equity: more than 70%
- Net margin: around 11% [31]
Wall Street’s current stance on the U.S. line is a “Hold” on average, with mixed target‑price revisions and a consensus target around US$102 per share prior to the delisting. [32]
Q3 2025 results: growth in games and iGaming underpins the move
The decision to sharpen the focus on an ASX listing comes on the heels of a solid third‑quarter earnings print earlier this month.
From the company’s Q3 2025 results release: [33]
- Revenue: US$841 million, up 3% year‑on‑year
- Net income: US$114 million, up 78%
- Net income per share: up 89% to US$1.34
- Consolidated AEBITDA: up 18% to US$375 million
- Adjusted NPATA: up 25% to US$153 million
By segment:
- Gaming revenue grew 4% to US$558 million, driven by a 38% jump in gaming operations revenue to US$241 million, helped by the contribution from the recently acquired Grover charitable gaming business. [34]
- iGaming delivered record quarterly revenue with margin expansion, helped by first‑party content and partner‑network growth. [35]
- SciPlay continued to expand direct‑to‑consumer revenue, although some ASX summaries note a soft patch in average monthly payers. [36]
Light & Wonder also:
- Generated US$184 million in operating cash flow and US$136 million in free cash flow in the quarter
- Returned US$111 million to shareholders via buybacks during Q3 and another US$101 million through 31 October
- Extended US$1 billion of senior unsecured notes from a 2028 maturity to 2033 at a lower coupon (6.25% vs. 7.0%), improving its debt profile [37]
Management reaffirmed full‑year 2025 guidance for:
- Consolidated AEBITDA: US$1.43–1.47 billion
- Adjusted NPATA: US$550–575 million [38]
CEO Matt Wilson has framed the ASX‑only listing as a natural next step for a company that now sees its investor base, competitors and peer group increasingly anchored in the Australian and global gaming sectors rather than in the broader U.S. tech universe. [39]
Today’s market snapshot: LNW on the ASX
With the ASX now the primary home for the stock, investors are watching how liquidity and valuation evolve in Sydney.
Across multiple market‑data providers, today’s close for ASX:LNW shows: [40]
- Price: A$131.66
- Day move: –A$2.72 (–2.02%)
- Day range: A$131.00 – A$133.68
- 52‑week range: A$109.12 – A$181.25
- Market cap: about A$10.8 billion (≈US$7.0 billion)
- P/E (trailing): roughly 18x earnings
For context, the last reported Nasdaq close before delisting was in the mid‑US$80s, implying that the Australian line is trading at a healthy premium when converted back into U.S. dollars, though FX movements and differing data times make like‑for‑like comparison imperfect. [41]
What today’s news means for investors
For current and prospective shareholders, today’s cluster of announcements adds up to a clear message: Light & Wonder wants to be seen as a pure‑play, ASX‑centric global gaming leader with an aggressive capital‑return agenda.
Key takeaways:
- Structural shift: Trading has now fully migrated to the ASX, with index inclusion and governance frameworks updated accordingly. U.S. investors who want centralized‑exchange exposure must hold ASX CDIs or trade via OTC. [42]
- Capital return: The company is backing its strategy with a multi‑year buyback that could, in theory, cover the current CDI float, while still sitting inside an existing US$1.5bn capital‑management envelope. Actual repurchases will be governed by market conditions and ASX limits, but the signal is distinctly shareholder‑friendly. [43]
- Compliance & culture: A tightened Securities Trading Policy and refreshed ESPP/incentive plans align employee behaviour, governance and insider trading safeguards with Australian expectations and the new listing reality. [44]
- Fundamentals: Q3 numbers show solid top‑line growth, expanding margins and strong cash generation, even as revenue landed slightly shy of some Street forecasts. [45]
- Ownership: A new substantial holding notice on the ASX and Q2 U.S. filings showing Connor Clark & Lunn and others increasing stakes suggest institutional investors are continuing to build or adjust positions around the new structure. [46]
For now, the spotlight is firmly on how the market digests today’s flurry of moves: will the enlarged buyback and ASX‑only focus support the share price over time, or will index removals in the U.S. offset that tailwind?
What’s clear is that 14 November 2025 marks a genuine new chapter for Light & Wonder – one written in Australian dollars, on the ASX trading screens, but backed by a global gaming footprint and a balance sheet clearly geared toward rewarding shareholders.
References
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