Nexxen Streamlines Trading Structure for Improved Investor Access
Nexxen International Ltd. (NASDAQ: NEXN) has successfully completed its anticipated changes to its stock exchange and trading structure, a move aimed at enhancing its operational efficiency and appeal to U.S. investors. The company, recognized for its innovative advertising technology platform, announced the completion of a full U.S. Ordinary Share listing on The Nasdaq Stock Market.
Completion of Reverse Stock Split
In a strategic maneuver, Nexxen executed a reverse stock split on February 14, whereby every two Ordinary Shares were consolidated into one New Ordinary Share. This adjustment was made to facilitate a straightforward one-to-one exchange for American Depositary Receipts (ADRs). Following this consolidation, Nexxen successfully transitioned its Nasdaq-listed ADRs into Nasdaq-listed New Ordinary Shares, thereby terminating its ADR facility.
AIM Listing Cancellation
As part of this transition, the company's Depository Interests on the AIM market were cancelled on February 17. This step reflects Nexxen’s focus on solidifying its market presence within the U.S. and improving its visibility among investors.
New Trading Initiatives on Nasdaq
Starting February 18, the newly issued Ordinary Shares commenced trading under the stock ticker “NEXN.” Existing shareholders aiming to sell their New Ordinary Shares are encouraged to collaborate with their brokers to ensure a smooth transaction process.
Adding further to its strategic initiatives, Nexxen has committed to a $50 million Ordinary Share repurchase program, which will remain active on Nasdaq following its AIM delisting. This program is currently slated to continue until May 19 or until the repurchase is completed.
Comments from Leadership
Ofer Druker, the Chief Executive Officer at Nexxen, expressed optimism about these developments, stating, “We believe our evolved trading structure will strengthen our ability to attract U.S. investors, driving greater trading volume and enabling enhanced comparisons to our industry peers.” He emphasized that these structural changes are positioned to benefit both Nexxen and its shareholders over the long term, enhancing recognition and presence within the U.S. market.
Understanding Nexxen's Offerings
Nexxen is committed to empowering advertisers, agencies, publishers, and broadcasters globally to maximize their data utilization and advanced TV capabilities. The company's technology stack combines a demand-side platform (DSP) and supply-side platform (SSP), with the Nexxen Data Platform at its foundation. Through rich capabilities in areas like discovery, monetization, and optimization, Nexxen equips partners to achieve their marketing objectives, regardless of their target audience.
Global Presence and Future Goals
Headquartered in Israel, Nexxen maintains offices in various locations, including the United States, Canada, Europe, and the Asia-Pacific region. The company’s future goals include further enhancing its technology tools while solidifying its market position within the rapidly evolving advertising technology sector.
Contact Information
For additional inquiries, individuals can reach out to:
Nexxen International Ltd.
Billy Eckert, Vice President of Investor Relations
Email: ir@nexxen.com
Caroline Smith, Vice President of Communications
Email: csmith@nexxen.com
Frequently Asked Questions
What changes has Nexxen implemented recently?
Nexxen has streamlined its trading structure, transitioning to a full U.S. Ordinary Share listing on Nasdaq and completing a reverse stock split.
Why did Nexxen execute a reverse stock split?
The reverse stock split was executed to consolidate shares and facilitate a straightforward exchange for American Depositary Receipts.
What is Nexxen's stock ticker on Nasdaq?
Nexxen's stock trades under the ticker “NEXN” on Nasdaq.
How long will the share repurchase program last?
Nexxen's Ordinary Share repurchase program is expected to continue until May 19 or until the designated repurchase is fulfilled.
Who can be contacted for more information about Nexxen?
Interested parties can reach out to Billy Eckert or Caroline Smith via their respective emails for more information.
