Amsterdam-based Just Eat Takeaway.com, a global online food delivery marketplace, announced on Tuesday that it will file for deregistration of its securities from the Securities and Exchange Commission of the United States of America under the Securities and Exchange Act of 1934.
Through deregistration, the company intends to reduce reporting costs and complexity.
Just Eat Takeaway.com voluntarily delisted its American Depositary Receipts (“ADRs”) from the Nasdaq Global Select Market on March 14, 2022.
The company’s ADRs are now quoted and traded in the United States on the OTC Markets via a sponsored Level I Program via the ticker JTKWY.
After the delisting and the mandatory 12-month waiting period from the date of delisting, Just Eat Takeaway.com has now met the criteria for the deregistration of its securities under the Exchange Act and therefore intends to file a Form 15F with the SEC.
Deregistration is expected to become effective 90 days after the filing of Form 15F.
The company’s primary reasons for deregistration include the inadequate trading volumes of its securities in the US along with the considerable expenses associated with staying registered under the Exchange Act.
The expenses include auditing, legal, and other costs linked to continuing SEC filings, and the burden on the company management to comply with ongoing reporting requirements in the US.
JustEat Takeaway believes that these costs outweigh the benefits of having its securities registered under the Exchange Act.
JustEat Takeaway’s ordinary shares will remain listed on Euronext Amsterdam and the London Stock Exchange.
Leadership change in North America segment
Just Eat Takeaway.com also announced that Adam DeWitt, the present CEO of Grubhub, will resign from his post while Howard Migdal will take over as CEO of Grubhub and Executive Vice President of North America.
Mr. Migdal is currently the CEO of SkipTheDishes, which is Just Eat Takeaway.com’s Canadian business. Mr. DeWitt will remain with the company until 1 May 2023 to guarantee a seamless transition.
Mr. DeWitt has made significant contributions, such as guiding Grubhub during its initial public offering in 2014 and its acquisition by Just Eat Takeaway.com in 2021.
Meanwhile, Mr. Migdal has played a crucial part in propelling growth and expansion at SkipTheDishes, which is the leading food delivery platform in Canada. He has over 16 years of experience in the food delivery industry and was a co-founder of GrubCanada, which was the first national food delivery platform in Canada established in 2008.
“On behalf of the entire Management Board, I want to thank Adam for all his contributions at Grubhub,” says Jitse Groen, CEO of Just Eat Takeaway.com.
“We are grateful for his leadership and dedication to the Company, and we wish him all the best in his future endeavours. We are also excited to promote Howard as the new leader of our North America segment and Grubhub’s new CEO. He has a proven track record as a leader with a deep understanding of our business, and we are confident in his ability to lead and grow the business into the future,” he adds.
The company also announced that Steve Puchala, senior vice president, has been appointed interim CEO for SkipTheDishes, and will report to Mr. Migdal.
Just Eat Takeaway.com
Headquartered in Amsterdam, Just Eat Takeaway.com is focused on connecting consumers and partners through its platforms.
With 692,000 connected partners, Just Eat Takeaway.com offers consumers a wide variety of food choices.
Just Eat Takeaway.com has rapidly grown to become a leading online food delivery marketplace with 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.