Esports giants Astralis to delist from Nasdaq exchange
Danish esports organization Astralis has announced that it is to delist from the Nasdaq First North Growth Market Denmark.
In a company statement, Astralis said that shareholders voted to delist from the exchange in an August 8 Extraordinary General Meeting, adding that a further announcement will be made when the delisting application has been submitted.
The Danish company announced on July 11 its intention to put a delisting up for a vote, with the proposal requiring two-thirds of the votes and capital present at the meeting. Astralis’ executive management, the board of directors, and major shareholder Jakob Lund Kristensen all expressed their intention to vote in favor of the proposal at the general meeting.
Astralis became a publicly listed company in December 2019 following an Initial Public Offering (IPO) at a price of 8.95 DKK per share ($1.31 USD). The company’s stock has since tumbled, with shares being traded at just 0.81 DKK ($0.12 USD) at the time of writing.
Astralis estimates that the delisting will allow the company to save approximately 3 million DKK ($440,000 USD) a year in direct and indirect costs. Through the company’s delisting and these savings, Astralis aims “to create a more profitable business for its shareholders and free up resources and funds for new investments.”
In the company’s 2022 financial results, Astralis reported a net revenue increase from 75 million DKK ($11.01 million USD) in 2021 to 87.5 million DKK ($12.85 million USD) in 2022, and an EBITDA (earnings before interest, taxes, depreciation, and amortization) of 2.6 million DKK ($380,000 USD), up from -7.9 million DKK (-$1.16 million USD) in 2021.
Founded in 2016, Astralis is mostly known for its men’s CS:GO team, which is currently ranked 6th in the world. The organization is a partner of both ESL and BLAST in the CS:GO scene, and holds a spot in the League of Legends EMEA Championship (LEC).