The TSX normally requires technology companies to have at least C$10 million in cash and stipulates that a majority of that needs to be raised by issuing securities through a prospectus.
PyroGenesis doesn’t meet that specific criterion, and so the company is looking for conditional approval from the exchange. The company said it can’t guarantee the exchange will grant conditional approval, but CEO Peter Pascali is making a strong push.
READ: PyroGenesis says new preorder for nano powders from big auto manufacturer validates its investment in HPQ Nano Silicon Partners
“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 uplisting to a more senior exchange, has taken, and is taking, steps to do just that,” Pascali said in a statement. “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.”
The board is taking all necessary action to put itself in position to uplist, he added.
"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,” Pascali said. “In the interim, the company has, and will, file the appropriate documents and take all other measures to be in position to act quickly should the opportunity to up-list be acceptable to the board of directors. Notwithstanding our sincere desire to uplist, there is no guarantee that either the TSX will approve the listing application or that the market conditions at the time of approval will be acceptable to the board.”
Contact Andrew Kessel at firstname.lastname@example.org
Follow him on Twitter @andrew_kessel