(Alliance News) - Just Eat Takeaway.com NV said Tuesday it is voluntarily delisting its American depositary receipts from the Nasdaq Global Select Market following a review of its liquidity and trading volumes.
The online food delivery platform will remain listed in Amsterdam and London. It was trading down 3.1% at 3,441.50 pence each in London on Tuesday morning, and was down 2.4% at EUR41.08 in Amsterdam.
"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," Just Eat said.
It noted about 3.7% of its share capital was traded in the US, which it expects to decrease further overtime.
It will delist in the first half of 2023.
The company continued: "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."
Back in August, Just Eat Takeaway.com was ousted from the FTSE 100 index in London, after its nationality was reassigned to the Netherlands.
By Paul McGowan; paulmcgowan@alliancenews.com
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Just Eat Takeaw (JET)