Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioLight & Wonder (LNW) has reaffirmed its plans to delist from the Nasdaq in November 2025, stating that the process remains on track with the timeline initially outlined during its second-quarter earnings call.
The company said the timetable “remains indicative and subject to change at [LNW]’s discretion.”
Delisting Process on Track for November
In a press release, LNW said the delisting of its ordinary shares from Nasdaq is “expected to take effect prior to open of trading on November 13, 2025 (EST).”
The company added that the process “remains subject to applicable U.S. and Australian regulatory approvals” and that it “continues to engage with Nasdaq in relation to the delisting and with the ASX in relation to the transition to a primary listing.”
LNW previously said its listing on the Australian Securities Exchange (ASX) provides greater liquidity and better reflects its shareholder base. Once the Nasdaq withdrawal takes effect, the company’s shares will trade solely on the ASX.
Delisting Timetable & Shareholder Impact
LNW set out the expected timeline for the process:
- Form 25 notice of delisting filing with the SEC: November 3, 2025 (EST)
- Last day of trading on Nasdaq: November 12, 2025 (EST)
- Suspension of trading: after the close of trading on November 12, 2025 (EST)
- Delisting effective: before the opening of trading on November 13, 2025 (EST)
- Commencement of trading on ASX on a sole primary basis: 10:00 a.m. AEDT on November 14, 2025
The company stated:
“Upon effectiveness of the delisting from Nasdaq, Light & Wonder shares of common stock (‘Shares’) will no longer be tradeable on Nasdaq. The ASX will become the sole primary listing for Light & Wonder CHESS Depositary Interests (‘CDIs’), which represent a beneficial interest in Shares.”
LNW explained that shareholders wishing to continue trading must convert their holdings: “If you wish to continue to trade your Shares on a centralized stock exchange, you will be required to transmute/convert your Shares into CDIs for trading on the ASX.”
It further outlined two alternatives for investors:
“Other options for holders of Shares currently listed on Nasdaq are to: 1) Sell your Shares on Nasdaq on or prior to suspension of trading; or 2) Continue to hold your Shares following the delisting from Nasdaq, with such shares tradeable only on the over-the-counter (‘OTC’) market.”
Parallel Legal Battles
The withdrawal update comes as LNW continues to face two high-profile lawsuits from Evolution and Aristocrat, each focused on alleged misuse of proprietary game mathematics.
Evolution Case Sent to Arbitration
Earlier this month, a US District Court judge in Nevada ruled that Evolution’s trade-secret claims against LNW must proceed to arbitration. The complaint alleges that LNW utilized confidential mechanics from Lightning Roulette to develop titles such as Roulette X and PowerX.
While the trade-secret portion moves to arbitration, Evolution’s patent-infringement claims remain before the federal court. A status hearing is expected later in October.
Aristocrat ‘Game Math’ Dispute Advances
LNW also faces Aristocrat’s lawsuit over its Dragon Train slot series. Aristocrat alleges that LNW replicated mathematical frameworks and gameplay elements from its Dragon Link franchise.
In June 2025, LNW scored a key legal win when a Nevada judge ruled Aristocrat’s discovery request was too broad. That shielded the company’s proprietary algorithms from discovery. The court has scheduled a hearing on October 17 as part of efforts to settle or clarify the scope of the case.
The Nevada court has allowed some claims (such as trade-secret misappropriation) to move forward while dismissing others. The dispute has already led to LNW removing Dragon Train cabinets in the US. Trial proceedings are scheduled for 2026.
Market Implications
Although LNW’s delisting plan predates the litigation, the combination of legal costs, investor scrutiny, and market conditions makes timing critical.
Maintaining the Nasdaq listing through November preserves US liquidity while ensuring a structured transition to the ASX.
The company’s shift to a single primary listing aligns with its broader international strategy. Still, the ongoing court cases could continue to influence investor sentiment well into 2026.
