PyroGenesis Receives Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency

MONTREAL, Nov. 25, 2022 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), a TSX30 and a Deloitte Technology Fast 50^TM high-tech company (hereinafter referred to as the “Company” or “PyroGenesis”), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG), announced today that on November 22, 2022, it received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“NASDAQ”) indicating that, for the last thirty consecutive business days, the closing bid price for the Company’s common shares (the “Shares”) had closed below the minimum bid price of US$1.00 per share listing requirement under NASDAQ Listing Rule 5550(a)(2).

The NASDAQ notification letter does not affect day-to-day trading and does not result in the delisting of the Company's Shares.

The Notification Letter is only a notification of share price deficiency at this moment in time, and has no immediate effect on the listing of the Shares, which will continue to trade uninterrupted on NASDAQ under the ticker “PYR”. The Shares are also listed on the Toronto Stock Exchange, and the Nasdaq Notification Letter does not affect the Company’s compliance status with that listing.

The Company has been provided 180 calendar days, or until May 22, 2023 – in accordance with the NASDAQ Listing Rule 5810(c)(3)(A) – to regain compliance with NASDAQ Listing Rule 5550(a)(2). To regain compliance, the Company's ordinary shares must achieve a closing bid price of at least US$1.00 for a minimum of 10 consecutive trading days. At the end of that initial 180-day period on May 22, 2023, the Company may be eligible for an additional 180-day calendar day compliance period to regain compliance.

If at any time during the compliance period the Company's closing bid price is at least US$1.00 for a minimum of 10 consecutive business days, NASDAQ will provide PyroGenesis with a written confirmation of renewed compliance and the matter will be resolved.

NASDAQ Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum closing bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 30 consecutive business days from October 10, 2022, to November 21, 2022, the Company currently does not meet the minimum bid price requirement.