Buy now pay later company Sezzle is the latest struggling financial institution to delist from the Australian Securities Exchange. The reason appears to be to overcome a bungled listing on Nasdaq. Sezzle issued a statement yesterday saying it has applied for removal from the official list of the ASX, with effect from next Monday.  The US company was listed on the ASX in July 2019, with an issue of CHESS depository interests. In March this year it announced plans to list on the Nasdaq Global Market and keep its CDIs on the ASX. It did not go well. A day after Sezzle shares started trading on Nasdaq in mid-August, the US exchange halted trading in the stock because the volume of publicly available shares was insufficient to make a market and “facilitate proper trading”. The trading halt was in place for almost a month. Part of the problem was the large number of shares held in the form of CDIs on the ASX. The delisting from the ASX can be seen as a move to force local investors to convert their CDIs to common stock. In the year to December last year, Sezzle made a loss of US$38.1 million. Its focus has been on cutting costs to try and achieve profitability. One consequence of this is that parts of the business have contracted. It “offboarded” 5,000 merchants and 450,000 customers last year. With all the offboarding, underlying merchant sales fell 3.6 per cent.