Byrna Technologies Inc. (CSE:BYRN) has announced that Bi-Mart, a retail chain predominantly located in the Pacific Northwest, began carrying Byrna products at 82 Bi-Mart stores beginning in late July.
As part of the relationship, Bi-Mart is stocking the company's products in display cases that prominently feature the Byrna HD launcher and a selection of Byrna projectiles and accessories. With the addition of this retail relationship, Byrna products are now sold at approximately 1,600 brick and mortar locations across the United States.
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"The expansion of our dealer network, including larger regional chains such as Bi-Mart, is an important component of our overall growth strategy," said Bryan Ganz, CEO of Byrna Technologies in a statement.
"The addition of Bi-Mart to the growing list of retailers that carry our products further diversifies our revenue streams and places the Byrna brand in a high-traffic retail setting that consumers visit to purchase a wide variety of items. Our products have already been well received by Bi-Mart customers, as indicated by a replenishing order after only two weeks of selling the products.
"Positioning the Byrna HD in Bi-Mart gives consumers a greater opportunity to see and hold the product, which we view as a competitive advantage given the look and feel of the Byrna. We plan to continue to pursue relationships such as these and look forward to providing updates as they materialize," Ganz added.
CSE voluntary delisting
In a separate statement, Byrna said it has filed a request with the Canadian Securities Exchange (CSE) to voluntarily delist its shares of common stock from the CSE.
Byrna's shares will continue to be listed on the NASDAQ Capital Markets. The company's shares began trading on the Nasdaq on May 5, 2021, under the symbol BYRN, with the result that in excess of 95% of the company's shares currently trade on the US exchange.
Given the volume of trading on the Nasdaq, the company does not expect any adverse impact on the liquidity or value of the company's shares and expects to generate savings in fees and resources associated with a dual listing.
Byrna has requested that the CSE grant its request effective upon the close of business on Thursday, August 19, 2021, and anticipates that upon the open of the trading day on Friday, August 20, 2021, the company's shares will only trade on the Nasdaq.
The company said it expects to continue to be a reporting issuer in certain jurisdictions in Canada and remain subject to continuous disclosure requirements under applicable securities laws in Canada. Byrna has confirmed that Nasdaq listed securities are designated as a "qualified investment" for the purposes of maintaining its shares in Canadian Registered Savings Plans, including RRSP, RESP, RRIF, RDSP and TFSA.
Byrna is a technology company, specializing in the development, manufacture, and sale of innovative, non-lethal personal security solutions. The company is the manufacturer of the Byrna HD personal security device, a state-of-the-art handheld CO2-powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets.
- Adds Bi-Mart listing statement -
Contact the author at jon.hopkins@proactiveinvestors.com