Nexxen International (NEXN) Investor Update summary

Rationale for trading structure changes

• Proposals include exchanging NASDAQ-listed ADRs for ordinary shares, a two-for-one reverse stock split, and delisting from AIM to trade solely on NASDAQ under the ticker NEXN.

• Changes aim to simplify trading, reduce complexity, and attract more U.S. investors by removing barriers related to ADRs and dual listings.

• Consolidation is expected to increase liquidity, align valuation with U.S. peers, and reduce price volatility.

• Streamlining to a single listing will eliminate duplicative compliance costs and operational inefficiencies.

Process and timeline

• Shareholder vote on proposed changes scheduled for December 20th AGM.

• If approved, ADR holders will receive a 30-day notice, with changes expected to be effective around February 14th, 2025.

• Reverse split and exchange of ADRs for ordinary shares will occur, followed by AIM delisting.

• Shareholders must coordinate with brokers to ensure shares are tradable on NASDAQ post-delisting.

Expected benefits and market impact

• Anticipated to open access to a broader base of U.S. investors, as many are restricted from holding ADRs.

• Potential for index inclusion, which could drive tens of millions in demand from index funds.

• Increased liquidity already observed in both London and NASDAQ markets since announcement.

• Share buyback program in place to support stock if undervalued during transition.