Danish esports organization Astralis has announced its decision to delist from the Nasdaq First North Growth Market Denmark. Shareholders voted in favor of the delisting during an August 8 Extraordinary General Meeting. Astralis will provide further information once the delisting application has been submitted.

Astralis became a publicly listed company in December 2019 after an Initial Public Offering (IPO) at a price of 8.95 DKK per share ($1.31 USD). However, the company’s stock has since seen a decrease in value, with shares currently being traded at just 0.81 DKK ($0.12 USD).

The delisting is expected to save Astralis approximately 3 million DKK ($440,000 USD) per year in costs. The company aims to create a more profitable business for its shareholders and allocate resources and funds for new investments as a result of the delisting.

In its 2022 financial results, Astralis reported a net revenue increase from 75 million DKK ($11.01 million USD) in 2021 to 87.5 million DKK ($12.85 million USD) in 2022. The company also improved its EBITDA from -7.9 million DKK (-$1.16 million USD) in 2021 to 2.6 million DKK ($380,000 USD) in 2022.

Founded in 2016, Astralis is renowned for its men’s CS:GO team, which is currently ranked 6th in the world. The organization is affiliated with ESL and BLAST in the CS:GO scene and has a position in the League of Legends EMEA Championship (LEC).