By Fineline Cube AstraZeneca plc (AZ, NASDAQ: AZN) announced it will delist its American Depositary Shares (ADS) and debt securities from Nasdaq and complete a direct listing of its ordinary shares on the New York Stock Exchange, effective after market close on 30 Jan 2026. Ordinary shares and debt will commence trading on NYSE on 2 Feb 2026, maintaining the “AZN” ticker symbol.
Transaction Overview
| Item | Detail |
|---|---|
| Company | AstraZeneca plc (NASDAQ: AZN) |
| Current Listing | Nasdaq (ADSs and debt securities) |
| New Listing | New York Stock Exchange (ordinary shares and debt) |
| Effective Date | After market close, 30 Jan 2026 |
| NYSE Trading Start | 2 Feb 2026 |
| Ticker Symbol | AZN (unchanged) |
| Share Structure Shift | From ADSs (2‑for‑1 basis) to direct listing of $0.25 ordinary shares |
| Rationale | Unify share listing structure across LSE, Nasdaq Stockholm, and NYSE |
| Shareholder Approval | Approved plan |
| ADRs | ADSs will be exchangeable for ordinary shares on 1‑for‑2 basis |
Strategic Rationale
- Simplified Structure: Eliminates ADS layer, reducing administrative complexity and depositary fees estimated at $8‑12 million annually
- Global Harmonization: Aligns trading structure with UK home market governance and Swedish listing
- Investor Access: Direct ordinary share trading on NYSE provides global institutional investors with clearer exposure and eliminates ADS conversion friction
- Liquidity: Expected to increase trading volume in ordinary shares, improving price discovery
Market Impact & Shareholder Considerations
| Parameter | Current (ADS) | New (Ordinary) |
|---|---|---|
| Trading Venues | Nasdaq (US) only | NYSE (US) + LSE (UK) + Nasdaq Stockholm (SE) |
| Settlement | DTC (US) | DTC (US) + CREST (UK) + Euroclear (SE) |
| Voting Rights | Indirect via ADS depositary | Direct shareholder voting |
| Dividend Treatment | USD, net of depositary fees | USD/GBP/SEK, no depositary fees |
- US Shareholders: ADS holders will receive ordinary shares (or cash equivalent) through a voluntary exchange program by Q2 2026
- Index Implications: FTSE 100 and OMX Stockholm constituents unchanged; S&P 500 eligibility remains (primary listing NYSE)
Financial Implications
- Cost Savings: $8‑12 million annual ADS depositary fee elimination
- One‑Time Costs: Estimated $15 million for legal, regulatory, and IT systems integration
- EPS Impact: Neutral to slightly accretive by 2027 due to fee savings
- Free Float: No change; all listings represent same underlying share capital
Forward‑Looking Statements
This brief contains forward‑looking statements regarding listing transition timelines, cost savings, and trading liquidity. Actual results may differ due to regulatory approvals, shareholder exchange participation rates, and market volatility during transition.-Fineline Info & Tech