Just Eat Takeaway is delisted from Nasdaq

Just Eat Takeaway (JET.L) announced on Tuesday that it will delist its American Depositary Receipts (ADRs) from the Nasdaq stock exchange.

The food delivery company has decided to delist voluntarily in order to limit costs and regulatory burdens.

The company expects the delisting to take place this quarter. The ADRs will then be able to be traded on over-the-counter markets in the United States.

The main reasons for the delisting of Just Eat Takeaway are the low trading volume of the company’s ADRs on Nasdaq and the small proportion of the company’s total share capital held through ADRs on Nasdaq, which is approximately 3.7 percent and is expected to continue to decline over time.

“The main reasons for the voluntary delisting are the low trading volume on Nasdaq and the small proportion of the company’s total share capital held on Nasdaq,” the company said in a statement.

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Following the announcement, the company’s shares fell 3.4 percent in London on Tuesday morning.

The Amsterdam-based company’s shares will remain listed on the London Stock Exchange and Euronext in Amsterdam.

The group, which was formed in 2019 through the merger of British company Just Eat and Dutch company Takeaway.com, had difficulty finding a place for its shares.

Just Eat Takeaway originally intended to exit the Amsterdam market, but this move was put on hold after the company acquired US food delivery service Grubhub and went public on the Nasdaq stock exchange in June 2021.

The company made waves in the American market in June last year when it bought US delivery service Grubhub for $7.3 billion (£5.4 billion).

The future of the group was again in jeopardy in August last year when Russell decided that the group was a Dutch company and had to be excluded from the main London stock exchange index.

This meant that the company was no longer eligible for inclusion in the FTSE UK Index Series following the nationality change, paving the way for veterinary drug manufacturer Dechra Pharmaceuticals (DPH.L).

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