Nasdaq Set To Add Amaya Despite Canadian Stock Trading Investigation

June 2, 2015
Nasdaq Set To Add Amaya Despite Canadian Stock Trading Investigation

Amaya announced that it has been approved for listing on the U.S.-based Nasdaq starting next week, gaining the status despite an ongoing investigation into trading of Amaya shares in Canada.

The new listing

Amaya, already the largest publicly traded online gaming company in the world, raised its profile by being added to Nasdaq. It will be traded under the symbol “AYA,” which it also uses on the Toronto Stock Exchange. Amaya will continue to be listed in Canada, as well.

Shares of Amaya are expected to be available on June 8.

CEO David Baazov said this about the announcement in a press release:

“Our listing on the Nasdaq is an important milestone for Amaya and a testament to the tremendous progress we have made over our five years as a public company. We anticipate that the Nasdaq listing will provide greater visibility and better liquidity for our stock and help broaden our shareholder base.”

It puts PokerStars — the biggest part of Amaya’s portfolio — on the second-largest stock exchange in the U.S.

The online poker giant had planned on an IPO in 2007, before those plains were derailed by passage of the Unlawful Internet Gambling Enforcement Act in America. Amaya purchased PokerStars last year.

That comes despite…

The agreement to be listed on Nasdaq came despite a probe by Quebec’s Autorité des marchés financiers that is still ongoing. That organization is looking into heavy trading and a stock run-up surrounding Amaya’s acquisition of Pokerstars.

After a release of AMF documents related to the investigation last month, there has been little news about the status of the probe. No charges have been filed as a result of the investigation, and it’s not clear if any action will be taken by the AMF.

A busy month for Amaya/PokerStars

The Nasdaq news capped off a month full of news and speculation surrounding the iGaming company:

Also pending is PokerStars’ expected launch in New Jersey. In May, Baazov said the site was on track to receive its license in the third quarter of this year.

Photo by bfishadow used under license CC BY 2.0.

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