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Be the first with the news that moves the market- PyroGenesis Canada (PYR) has applied to list its common shares on the Toronto Stock Exchange (TSX) as a technology company
- A listing requirement for TSX companies is having at least C$10 million in the treasury, raised primarily through prospectus
- PyroGenesis Canada does not currently satisfy this requirement, but has filed the appropriate applications anyway
- There is no guarantee that the TSX will approve the up-listing, although the company is preparing in hopes it will
- PyroGenesis Canada (PYR) is down 1.22 per cent and is currently trading at $4.05 per share
PyroGenesis Canada (PYR) has applied to list its common shares on the Toronto Stock Exchange (TSX) as a technology company.
The company is currently listed on the TSX Venture Exchange (TSXV), but hopes to up-list to its more senior exchange, the TSX. Such a graduation is subject to the approval of the TSX, and also depends on the company meeting certain listing requirements.
A listing requirement for TSX companies is having at least C$10 million in the company’s treasury. It is necessary that the majority of this be raised through the issuance of securities qualified for distribution by a prospectus.
Currently, PyroGenesis does not satisfy this particular requirement, but has filed the appropriate applications regardless.
PyroGenesis Canada’s CEO, P. Peter Pascali, commented on the company’s aspirations to up-list to the TSX.
“We are proud to announce today that the Board of Directors of PyroGenesis, believing that the company is at a stage where investors could benefit from an up-listing to a more senior exchange, has taken, and is taking, steps to do just that.
“Although the company does not need to raise cash for working capital purposes, it does not, as noted, have on its balance sheet the requisite funds raised by prospectus which is mandated by the TSX for any company that wants to be listed as a technology company.
“Upon receiving conditional approval from the TSX, the company will consider, based on market conditions at the time, if it will proceed in due course,” he said.
He went on to say that while there is no guarantee that the TSX will approve the listing application, the company is preparing in hopes that it will.
PyroGenesis Canada (PYR) is down 1.22 per cent and is trading at $4.05 per share at 2:34pm EDT.
