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.

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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.”