PyroGenesis Canada Inc. (TSX:PYR) (OTCQB:PYRNF) (FRA:8PY) announced that it has submitted a formal application to list its common shares on the NASDAQ Stock Exchange, the second-largest exchange by market capitalization worldwide and home to many of the world’s best technology companies.
The company, which designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, said that, as previously disclosed, there will not be a concurrent financing associated with this listing nor will there be a reverse stock split.
PyroGenesis added that it will continue to maintain the listing of its shares on the Toronto Stock Exchange, and will trade on both exchanges under the ticker symbol “PYR.”
READ: PyroGenesis Canada wins additional $1.1M contract with US tunneling company
In connection with its application to list on NASDAQ, PyroGenesis will, in due course, file a Form 40-F Registration Statement with the United States Securities and Exchange Commission (SEC). The listing of the company’s shares on NASDAQ remains subject to the approval of the US exchange and the satisfaction of all applicable listing and regulatory requirements.
Based on its typical review process, and according to NASDAQ’s website, the process usually takes 6 to 8 weeks. Therefore, it is expected that the company’s shares will be listed before the end of Q1 2021.
“We believe the Company is entering a heightened growth phase and the timing could not be better for uplisting our Shares to NASDAQ,” said P. Peter Pascali, CEO & chair of PyroGenesis in a statement.
“We expect that the move to NASDAQ will increase awareness of PyroGenesis, and its offerings, both within the financial community and amongst potential clients. We believe this listing will also enhance trading liquidity by broadening our appeal to a larger shareholder base, in the US and internationally, as we execute our business plan and drive long-term shareholder value. We are very much looking forward to elevating the Company’s profile with this listing,” he added.
The company said it has engaged Nelson Mullins Riley & Scarborough as its US legal counsel to process the NASDAQ listing.
Contact the author at jon.hopkins@proactiveinvestors.com
