Just Eat Takeaway (JET.L) announced on Tuesday that it will delist its American depositary receipts (ADRs) from the Nasdaq exchange.
The meal delivery company opted to voluntarily delist in a bid to limit costs and regulatory burdens.
It expects the delisting to happen before the end of this quarter. The company expects the ADRs to be tradeable in the US on over-the-counter markets.
Just Eat Takeaway’s main considerations for the delisting are the low trading volumes of the company’s ADRs on Nasdaq and the low proportion of the firm’s total share capital held via ADRs on Nasdaq – this is about 3.7%, which is expected to decrease further over time.
“Main considerations for the voluntarily delisting are the low trading volumes on Nasdaq and the low proportion of the company’s total share capital held on Nasdaq,” a company statement said.
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Company shares crashed 3.4% on Tuesday morning in London following the announcement.
Shares in the Amsterdam-based firm remain listed on the London Stock Exchange and on the Euronext in Amsterdam.
The group which was formed through the merger of UK business Just Eat and Dutch company Takeaway.com in 2019, has struggled to settle on a home for its shares.
Just Eat Takeaway initially intended to leave the Amsterdam market, but this was put on hold after it bought US food delivery business Grubhub and joined the Nasdaq exchange in June 2021.
The company made a big splash on the American market in June last year, as it bought US delivery firm Grubhub for $7.3bn (£5.4bn).
Its future was once again thrown into the air in august last year when Russel decided that the group was Dutch and had to be ejected from London’s top market index.
This meant that it would be ineligible to be included in the FTSE UK Index Series under the nationality change, paving the way for veterinary drugs company Dechra Pharmaceuticals (DPH.L).
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