On July 11, it was announced that publicly-traded, Danish esports organization Astralis announced an “Extraordinary General Meeting” on Aug. 8 (today) to let shareholders decide if the company would delist from the Nasdaq First North Growth Market Denmark.
On Tuesday the company announced that shareholders voted to delist the company:
“The delisting of Astralis A/S from Nasdaq First North Growth Market Denmark was adopted, and the board and management will now proceed with the application for delisting from Nasdaq First North Growth Market Denmark,” the company wrote in an announcement Tuesday. “The company will issue a company announcement when the application has been submitted.”
This vote to move away from being a publicly-traded company is not particularly shocking; in March that the board of directors announced that the company would undergo a strategic review of the business and consider serious changes to its operations, including delisting the company’s shares (going private), issuing new shares, or a sale of the company’s shares and assets.
In July, the company outlined what would happen if a delisting was approved:
“If the request is approved, the Company’s share will continue to be tradable for a period of 10 weeks from the date of approval before the Company’s share is deleted from trading on Nasdaq First North Growth Market Denmark (the ‘Continued Trading Period’). The Company will publish a company announcement in connection with the submission of and response to this request. During the Continued Trading Period, the Company’s shareholders are not obliged to sell their shares.”
Where the company goes from here is anyone’s guess, but as previously indicated, it could sell more equity or seek an outright acquisition. we will continue to follow this story as it develops.