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PyroGenesis Canada moves closer to joining the Nasdaq Stock Exchange

The SEC recently approved its shares for listing in the US as the company believes it has responded to all questions to the full satisfaction of the exchange

PyroGenesis Canada Inc. - PyroGenesis Canada moves closer to joining the Nasdaq Stock Exchange
PyroGenesis will maintain the listing of its shares on the Toronto Stock Exchange and will trade on both exchanges under the ticker symbol “PYR”

PyroGenesis Canada Inc (TSE:PYR) (OTCQB:PYRNF) (FRA:8PY) said Thursday that its listing application with the Nasdaq Stock Exchange is advancing. 

The company said the US Securities and Exchange Commission (SEC) has recently approved its shares for listing in the US. 

PyroGenesis added that the only remaining request from the SEC, before rendering the company’s shares effective, is that upon final Nasdaq acceptance the company will provide the agency with at least three days’ prior notice of its intended listing date.

READ: PyroGenesis Canada forecasts uplift in revenue and earnings per share for 4Q and full year

As for the Nasdaq application, the company said it believes it has responded to all questions to the full satisfaction of the exchange. 

PyroGenesis said the last outstanding item at this time, before final Nasdaq acceptance, is to have its shares become eligible for electronic clearing and settlement through the Depository Trust Company (DTC). 

DTC eligibility is required in order to create a seamless electronic process of trading and, thereby, enhance the liquidity of the company's shares. This is currently in process with DTC.

PyroGenesis, which designs, develops, manufactures, and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, reiterated that there will not be any concurrent financing associated with this listing nor will there be a reverse stock split.

“We are pleased to be in the final moments before a NASDAQ listing,” said CEO Peter Pascali in a statement. “We have been extremely satisfied with the increased visibility our recent uplisting to Canada’s premiere exchange, the Toronto Stock Exchange, has had. We expect this move to NASDAQ will further increase awareness of PyroGenesis and its offerings, both within the financial community and amongst potential clients.” 

Pascali added that upon final Nasdaq approval, “the Board of Directors of PyroGenesis will choose a listing date that will be most beneficial to the company while taking into consideration other events that are taking place.”

PyroGenesis said it will maintain the listing of its shares on the Toronto Stock Exchange and will trade on both exchanges under the ticker symbol “PYR”

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: PyroGenesis Canada Inc.

Price: 9.34 CAD

TSX:PYR
Market: TSX
Market Cap: $1.49 billion
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