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Nexxen gearing up for shift to exclusive Nasdaq trading
(Sharecast News) - Nexxen International reiterated the timeline and process for its upcoming stock exchange and trading structure changes on Thursday, as it prepared to consolidate its listing exclusively on Nasdaq. The transition would involve the delisting of its AIM-traded depositary interests and the termination of its Nasdaq-listed American depositary receipts, with all trading moving to a single US listing under the ticker 'NEXN'.
It said the day of dealings in its AIM-listed depositary interests would be 14 February.
Following market close, a reverse stock split would be implemented, consolidating every two ordinary shares into one new ordinary share to facilitate a one-to-one exchange with existing ADRs.
At 1802 EST (2302 GMT) on the same day, Nexxen's ADRs would be exchanged for new ordinary shares, and the ADR facility would be terminated.
Nexxen said that at 0700 GMT on 17 February, the ordinary shares represented by depositary interests for settlement would be cancelled from AIM, and on 18 February, trading of Nexxen's new ordinary shares will commence exclusively on Nasdaq.
Current holders of Nasdaq-listed ADRs did not need to take any action, as their holdings would automatically convert into Nasdaq-listed new ordinary shares.
Nexxen said shareholders wishing to sell shares on Nasdaq would need to do so through their brokers.
The firm said it had initially planned to transition its AIM-listed depositary interests to CREST depositary interests, but had now opted to replace them with new depositary interests issued by Computershare UK.
It said the adjustment was intended to streamline administration and provide shareholders with access to a support helpline.
Holders of the existing depositary interests would see their holdings automatically replaced with the new depositary interests in CREST without any required action.
For shareholders holding certificated ordinary shares, the company's share register would be transferred to its US transfer agent, Computershare Trust Company.
Existing share certificates would become void, and holdings would be recorded in the Direct Registration System (DRS).
A statement of account confirming ownership would be issued to shareholders, who would then be able to work with their brokers for any share transactions.
The changes would result in Nexxen trading solely on Nasdaq under a single US ordinary share listing.
At 0934 GMT, shares in Nexxen International were down 5.15% at 361.37p.
Reporting by Josh White for Sharecast.com.
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