Just Eat is ditching the Nasdaq
(Picture: PA Wire)Just Eat Takeaway will delist its shares from the Nasdaq in favour of listing on the London and Amsterdam stock exchanges, a rare move by a European tech firm.
The firm’s voluntary delisting from New York is a bid to make "substantial cost saving and see a reduction in compliance requirements".
After considering its trading volume across the three listing venues of Amsterdam, London and New York, the firm cited "low trading volumes and the low proportion of the company’s total share capital held on Nasdaq" as the main reason to leave New York.
“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,” the company said.
The firm added that its total share capital held in New York was "approximately 3.7% and is expected to decrease further over time".
It is rare for a tech company to choose Europe over the US - companies usually go the other way.
Just Eat Takeaway’s listing review is still ongoing, raising the possibility that it could ditch its London listing and choose the Euronext exchange in Amsterdam.
In August, the Anglo-Dutch company was removed from the FTSE 100 index in London, after its nationality was reassigned to the Netherlands.
Just Eat Takeaway shares fell 3.31% today in London, down 117.50p to 3,434p.
The firm’s optimisation of its listing venues comes after pressure from investors to sell its US food delivery service Grubhub, which it purchased in 2021.
In October Just Eat Takeaway issued a defense of its presence in the US market, stating that “while Grubhub has some specific challenges today it is a large and growing business with good underlying profitability”.
Just Eat completed the $7.3 billion takeover of Grubhub in June 2021.
