If You Invested in LIGHT & WONDER INC CDI (LAWIL)

LIGHT & WONDER INC CDI (traded under the historical U.S. issuer name Light & Wonder, Inc.) is associated with Light & Wonder, Inc., a corporation organized in Nevada and identified in SEC filings with Commission File Number 001-11693 and IRS Employer Identification Number 81-0422894. According to recent SEC documents, the company has been listed on The Nasdaq Stock Market under the trading symbol LNW for its common stock with a par value of $0.001 per share. The CHESS Depositary Interests (CDIs) referenced by LAWIL relate to the company’s presence on the Australian Securities Exchange (ASX).

Based on the available filings, Light & Wonder, Inc. has maintained a dual listing structure, with its common stock registered under Section 12(b) of the Securities Exchange Act of 1934 on Nasdaq and CHESS Depositary Interests quoted on the ASX. In connection with this structure, the company has furnished to the ASX a Statement of CHESS Depositary Interests on Issue (referred to as Appendix 4A in its Form 8-K disclosure), which outlines the CDIs on issue for investors in the Australian market.

Corporate domicile and listing framework

SEC filings describe Light & Wonder, Inc. as a Nevada corporation with its principal executive office located in Las Vegas, Nevada. The company’s securities registered under Section 12(b) of the Exchange Act have been its common stock on Nasdaq under the symbol LNW. In addition, the filings reference a dual listing framework involving the Australian Securities Exchange, where the company has a standard listing supported by CHESS Depositary Interests.

For investors following LAWIL, this CDI line is tied to the same underlying Nevada issuer that files periodic and current reports with the U.S. Securities and Exchange Commission. The Appendix 4A filing referenced in the Form 8-K indicates that the company provides the ASX with information about the number of CDIs on issue, which represent interests in its underlying common stock.

Transition to sole ASX listing and Nasdaq delisting

According to a Form 8-K filed by Light & Wonder, Inc., the company’s board approved changes to its bylaws in connection with a transition from a dual listing on Nasdaq and the Australian Securities Exchange to a sole standard listing on the ASX. In the same 8-K, the company reports that on November 3, 2025 it filed a Form 25 with the SEC to voluntarily delist and deregister its common stock under Section 12(b) of the Exchange Act from Nasdaq. The filing states that the company’s common stock was delisted from The Nasdaq Stock Market on November 13, 2025 and is expected to become deregistered under Section 12(b) ninety days after the Form 25 filing date.

The Form 25 itself confirms that Light & Wonder, Inc. elected to remove its common stock from listing and registration on Nasdaq pursuant to Rule 12d2-2(c) under the Exchange Act, indicating a voluntary withdrawal. For holders of CHESS Depositary Interests associated with LAWIL, these documents show that the company’s equity focus has shifted toward its ASX standard listing rather than a continued dual listing that includes Nasdaq.

Bylaw amendments related to ASX requirements

In the same Form 8-K that discusses the Nasdaq delisting, Light & Wonder, Inc. describes the adoption of its Fourth Amended and Restated Bylaws. The amendments are described as aligning the bylaws with ASX listing rule requirements and modernizing various corporate governance provisions. Specific changes include:

• Adjusting the voting standard for matters other than the election of directors from a majority of shares entitled to vote represented at the meeting to a majority of votes cast.
• Updating exclusive forum provisions to reflect changes in Nevada law and practice.
• Changing the default for stock issuances from certificated to uncertificated shares.
• Making additional clarifying, administrative, and procedural updates to modernize and update the bylaws.

The company notes that the full text of the Fourth Amended and Restated Bylaws is filed as an exhibit to the Form 8-K and that the summary in the current report is qualified in its entirety by reference to that exhibit.

Corporate governance developments

Light & Wonder, Inc. has also reported changes in its senior legal and corporate secretary roles. In an amended Form 8-K (Form 8-K/A), the company provides an explanatory note updating the timeline for the planned retirement of its Executive Vice President, Chief Legal Officer, and Corporate Secretary and the assumption of those responsibilities by another senior legal executive. The filing explains that the board determined to appoint a new Corporate Secretary effective October 30, 2025, while the outgoing Corporate Secretary continues as Chief Legal Officer until December 31, 2025, with the successor scheduled to assume the Chief Legal Officer role on January 1, 2026. These disclosures fall under Item 5.02 of Form 8-K, covering the departure and appointment of certain officers and related arrangements.

Regulatory reporting and ASX communication

In a separate Form 8-K, Light & Wonder, Inc. reports under Item 7.01 (Regulation FD Disclosure) that it provided the ASX with a Statement of CHESS Depositary Interests on Issue (Appendix 4A). The company specifies that the information in that Form 8-K and its exhibit is furnished rather than filed, meaning it is not subject to the liability provisions of Section 18 of the Exchange Act and is not automatically incorporated by reference into other Securities Act or Exchange Act filings. This underscores the company’s practice of communicating CDI-related information to the ASX while also informing U.S. markets through furnished current reports.

Implications for LAWIL and investors

For market participants researching LAWIL stock and LIGHT & WONDER INC CDI, the available SEC filings indicate that the underlying issuer, Light & Wonder, Inc., has shifted from a dual Nasdaq/ASX structure to a sole standard listing on the ASX and has voluntarily delisted its common stock from Nasdaq via Form 25. The CHESS Depositary Interests associated with LAWIL are therefore tied to an issuer that continues to operate under ASX listing rules, with corporate governance and bylaw provisions updated to align with those requirements.

FAQ and research use

The information summarized here is drawn directly from Light & Wonder, Inc.’s Form 8-K, Form 8-K/A, and Form 25 filings. These documents provide insight into the company’s listing status, bylaw framework, and certain governance changes, which are relevant for investors analyzing the historical and structural context of LIGHT & WONDER INC CDI and its associated ticker LAWIL.