PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) announced that it intends to voluntarily delist from the Nasdaq.
The provider of advanced plasma processes said it estimates that it incurs more than $2 million in annual costs in connection with maintaining a dual listing and expects a substantial increase in expenses in the future due to growing compliance and regulatory requirements.
"It is worth noting that the estimated cost, exceeding $2 million which would require approximately $4-6 million in revenues, was not lost on the Board," PyroGenesis Canada CEO Peter Pascali said in a statement.
'The fact that these costs are expected to increase in future years, coupled with the general market downturn, weighed heavily in this decision," he added.
PyroGenesis noted its shares will continue to trade on the Toronto Stock Exchange and the company has also taken steps to have its shares quoted on the OTCQX Best Market.
The company expects the Nasdaq delisting to occur on or about November 16, 2023.
PyroGenesis Canada is a high-tech company and is a leader in the design, development, manufacture, and commercialization of advanced plasma processes and sustainable solutions that reduce greenhouse gases and are economically attractive alternatives to conventional processes.
Contact Sean at sean@proactiveinvestors.com