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PyroGenesis Canada board approves plan to list on the Nasdaq

Published: 10:59 08 Dec 2020 EST

PyroGenesis Canada Inc. -
The Nasdaq listing should increase the company's visibility and enhance shareholder value

PyroGenesis Canada Inc (TSE:PYR) (OTCQB:PYRNF) (FRA:8PY) reported that its Board of Directors has approved the company’s decision to file an application to list its common shares on the Nasdaq Stock Exchange.

PyroGenesis said its shares should start trading on the Nasdaq under the symbol “PYR” during the first quarter of 2021, barring any delays or objections. The company will maintain its Toronto Stock Exchange listing.

PyroGenesis Canada CEO Peter Pascali said in a statement: “We are pleased to announce today another significant step towards ultimately enhancing shareholder value.”

READ: PyroGenesis Canada sees its 3Q revenue surge by triple-digits as net income soars 

He added: “The United States has the largest capital market in the world and, as such, a NASDAQ listing has always been on our radar as one of the many strategies to execute as part of our long-term vision for the Company. On the back of our recent achievements, and our successful uplisting to the Toronto Stock Exchange (TSX), the Board decided that the timing was right to proceed with this application. After discussions with our US legal counsel, and a representative of NASDAQ, it was confirmed that the Company meets the standard requirements for a listing. However, there still remains a rigorous application procedure which the Company must pass before a final listing is granted. The listing, barring any delays or objections, is expected before the end of Q1 2021.”

The company noted that there will not be a concurrent financing associated with this listing or will there be a reverse stock split.

PyroGenesis added that the formal Nasdaq application process will begin over the next several days, which includes filing a 40-F registration statement with the US Securities and Exchange Commission (SEC).

PyroGenesis is a high-tech company that designs, develops, manufactures, and commercializes advanced plasma processes.

The company recently reported 3Q 2020 revenue of C$8.1 million, a 289% year-over-year increase, along with a 16-fold improvement in its net income to C$15.3 million. It also said its gross margin for the period rose 22.7% to 67.9% and it ended the quarter with a $36.4 million backlog of signed contracts. 

Contact Sean at sean@proactiveinvestors.com

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