LONDON, UK: Just Eat Takeaway.com N.V., one of the world’s largest online food delivery groups, has considered, amongst other things, the liquidity and trading volumes across its listings in Amsterdam, London and New York.
Pursuant to this review, the Company today announced that it has formally notified The Nasdaq Stock Market Inc. of its intent to voluntarily delist its American Depositary Receipts (ADRs) from the Nasdaq Global Select Market.
The Company currently expects to file a Form 25 (Notification of Removal from Listing) with the Securities and Exchange Commission of the United States of America (the “SEC”) and for the last trading day of its ADRs on Nasdaq to occur by the end of the first quarter of 2022. The Company expects its ADRs to be quoted and traded on the OTC Markets via a sponsored Level I Program following the voluntary delisting.
The Company’s main considerations for the voluntarily delisting are the low trading volumes of the Company’s ADRs on Nasdaq and the low proportion of the Company’s total share capital held via ADRs on Nasdaq (approximately 3.7%, which is expected to decrease further overtime). Considering this and subject to meeting the relevant requirements, the Company intends to apply for a deregistration of its ordinary shares under the Securities and Exchange Act of 1934 (the “Exchange Act”) in the first half of 2023.
Both the delisting and ultimately the deregistration are expected to create a substantial cost saving as well as a reduction in compliance requirements. The costs and expenses associated with being a publicly traded company in the US, the auditing, legal and other costs associated with continuing to make SEC filings, and the burdens placed on Company management to comply with the continued listing and reporting requirements in the US are significant and are not considered to be offset by the benefits from the US listing.
The Company’s ordinary shares will remain listed on Euronext Amsterdam and on the London Stock Exchange. The Company’s review of the optimal listing venues is ongoing.