Twilio, the San Francisco-based provider of a customer engagement platform, is voluntarily delisting its Class A common stock from the Long-Term Stock Exchange (LTSE), the company said in an announcement on December 9.
Dual-listed on both the LTSE and the New York Stock Exchange (NYSE), Twilio’s shares of Class A common stock will be removed from the LTSE at the close of markets on December 29, 2022. The LTSE is a national securities exchange founded in 2019 that was built to support long-range vision and long-term planning, Twilio stock, however, will continue to be traded and to be listed at the NYSE.
Twilio explains that as part of its commitment to non-GAAP operating profitability beginning in 2023, it has come to the conclusion that the costs associated with maintaining a dual listing could no longer be justified.
Related Article: Twilio Research: Significant Gap Revealed in CX Qualities Most Desired by Consumers
Twilio did not furnish any numbers or provide additional information, but many companies dual-list to gain benefits like increased liquidity and access to additional capital. Nonetheless, dual-listing is also expensive because of the costs involved not only in the initial listing but also in ongoing listing expenses.
The cloud provider of a platform for delivering personalized CX, Twilio in September laid off nearly 1,000 employees, or 11% of its total workforce. CEO Jeff Lawson had said the company “simply grew too fast, and needs to focus on profitability and core priorities.”
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Alex is responsible for writing about trends and changes that are impacting the customer experience market. He had served as Principal Editor at Village Intelligence, a Los Angeles-based consultancy on technology impacting healthcare and healthcare-related industries. Alex was also Associate Director for Content Management at Omdia and Informa Tech, where he produced white papers, executive summaries, market insights, blogs, and other key content assets. His areas of coverage spanned the sectors grouped under the technology vertical, including semiconductors, smart technologies, enterprise & IT, media, displays, mobile, power, healthcare, China research, industrial and IoT, automotive, and transformative technologies.
At IHS Markit, he was Managing Editor of the company’s flagship IHS Quarterly, covering aerospace & defense, economics & country risk, chemicals, oil & gas, and other IHS verticals. He was Principal Editor of analyst output at iSuppli Corp. and Managing Editor of Market Watch, a fortnightly newsletter highlighting significant analyst report findings for pitching to the media. He started his career in writing as an Editor-Reporter for The Associated Press.
