PyroGenesis’ Board Approves Plan to File Application to NASDAQ for Q1 2021 Listing
MONTREAL, Dec. 08, 2020 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), (the "Company", the “Corporation” or "PyroGenesis") a Company that
designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce today that at the Company’s Board
of Directors’ (the “Board”) meeting on December 7th, 2020, it was formally approved to move forward with the strategic decision to file an application to list its common shares
(“Shares”) on the NASDAQ Stock Exchange (“NASDAQ”) over the next several days. NASDAQ is the second largest exchange by market capitalization worldwide, and is home to many of the world’s
best technology companies.
The Company has engaged Nelson Mullins Riley & Scarborough LLP as its US legal counsel to process the NASDAQ listing, and the Company’s external Canadian legal counsel will provide the required oversight during this process.
“We are pleased to announce today another significant step towards ultimately enhancing shareholder value,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “The United States has the largest capital market in the world and, as such, a NASDAQ listing has always been on our radar as one of the many strategies to execute as part of our long-term vision for the Company. On the back of our recent achievements, and our successful uplisting to the Toronto Stock Exchange (“TSX”), the Board decided that the timing was right to proceed with this application. After discussions with our US legal counsel, and a representative of NASDAQ, it was confirmed that the Company meets the standard requirements for a listing. However, there still remains a rigorous application procedure which the Company must pass before a final listing is granted. The listing, barring any delays or objections, is expected before the end of Q1 2021.”
There will not be a concurrent financing associated with this listing nor will there be a reverse stock split.
“A NASDAQ listing is a natural next step for the Company,” said Ms. Rodayna Kafal, VP IR/Comms and Strategic BD. “We believe a NASDAQ listing should, amongst other things, (i) provide additional opportunities to attract institutional and retail investors, thus allowing the Company to further broaden its investor base, and (ii) increase the visibility and credibility of the Company worldwide thereby attracting additional sales, partnerships, and M&A opportunities.”