Just Eat Takeaway.com NV announced that it will apply for the deregistration of its securities from the Securities and Exchange Commission (SEC) in the United States. By doing so, the Amsterdam-based food delivery company will be able to reduce its reporting costs and complexity. Having delisted its American Depositary Receipts (ADRs) and waited a mandatory 12-month waiting period after the delisting, the company has met the deregistration criteria.
Just Eat Takeaway.com NV voluntarily delisted its ADRs from the Nasdaq Global Select Market on March 14, 2022. After filing the relevant forms, the deregistration process will take effect 90 days later. Its decision to deregister was influenced by several factors, including low US trading volumes and the cost and expenses associated with Exchange Act registration. Additionally, the company's management had to comply with ongoing reporting requirements in the US and the added auditing and legal costs. Just Eat Takeaway.com has concluded that the expenses associated with registering its securities under the Exchange Act are not worth the advantages, and therefore it has decided not to do so. Nevertheless, the company's ordinary shares will still be available for trading on both the Euronext Amsterdam and the London Stock Exchange.
Further, Just Eat Takeaway.com has announced that Adam DeWitt, the current CEO of Grubhub, will step down, and Howard Migdal, CEO of Just Eat Takeaway.com's Canadian business, SkipTheDishes, will take over as CEO of Grubhub and Executive Vice President of North America. To ensure a smooth transition, Mr. DeWitt will remain with the company until 1 May 2023. Grubhub was acquired by Just Eat Takeaway.com in 2021 under the leadership of Mr. DeWitt. As a co-founder of GrubCanada, Canada's first national food delivery platform, and as the president and CEO of SkipTheDishes, Canada's leading food delivery platform, Mr. Migdal has over 16 years of experience in the food delivery industry.
The online food delivery marketplace has rapidly grown to include operations in the United States, the United Kingdom, Germany, the Netherlands, Canada, Australia, Austria, Belgium, Bulgaria, Denmark, France, Ireland, Israel, Italy, Luxembourg, New Zealand, Poland, Slovakia, Spain, and Switzerland.
