Just Eat Takeaway on Tuesday said it would delist its shares from the Nasdaq stock exchange in a bid to limit costs and regulatory burdens.
Shares of the Amsterdam-based company remain listed on the Amsterdam and London stock exchanges.
'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,' Just Eat Takeaway said.
Takeaway made a big move on the American market in June last year, as it bought U.S. delivery firm Grubhub for $7.3 billion.
But it has come under pressure from investors in recent months to sell operations, including Grubhub, to reduce its operating losses as the boost it received from increased orders during the COVID-19 pandemic has begun to fade.
Takeaway shares were down 2% in early trading in Amsterdam on Tuesday, the second-worst performer in the blue chip AEX-index.
At €41.26, the shares have lost 15% of their value so far in 2022 and are far below their all-time high above €109 hit in October 2020.
on the 12 January, the meals and grocery delivery company, reported fourth-quarter order growth of 14% and maintained its financial forecasts for 2022.
In a trading update, the company said it delivered 273.7 million orders in the fourth quarter of 2021, up from 240.4 million in the same period a year earlier.
Takeaway has come under pressure from investors to sell operations including U.S. subsidiary Grubhub as the group is making losses, and the boost that meal delivery companies received from increased orders during the COVID-19 pandemic has begun to fade.
News by Reuters edited by Donna Ahern, Checkout. For more Technology news click here. Click subscribe to sign up for the Checkout print edition.