Trilogy International Partners Inc. Announces New Listing on the NEX Board of the TSX Venture Exchange and Concurrent Voluntary Delisting from the TSX
BELLEVUE, WA / ACCESSWIRE / December 9, 2022 / Trilogy International Partners Inc. ("Trilogy" or the "Company") (TSX:TRL), which formerly owned wireless and broadband communications subsidiaries serving Bolivia and New Zealand, announced today that …
BELLEVUE, WA / ACCESSWIRE / December 9, 2022 / Trilogy International Partners Inc. ("Trilogy" or the "Company") (TSX:TRL), which formerly owned wireless and broadband communications subsidiaries serving Bolivia and New Zealand, announced today that the Company is listing its common shares on the NEX board of the TSX Venture Exchange (the "NEX"). Trilogy expects that its common shares will begin trading under symbol "TRL" on the NEX on or about December 28, 2022. Concurrently, the Company has applied for the voluntary delisting of its common shares, currently listed under symbol "TRL", from the Toronto Stock Exchange (the "TSX"), which is currently anticipated to occur on or about December 23, 2022 at the close of market.
"Following a thorough evaluation, Trilogy's board of directors determined that it was in the best interests of the Company and its shareholders to list the Company's common shares on the NEX, while concurrently delisting voluntarily from the TSX," said John W. Stanton, Chairman of Trilogy's board of directors. "We are aware that, after having sold all of its operating businesses this year, Trilogy could not continue to qualify for listing on the TSX indefinitely and that an orderly transition from the TSX to the NEX would avoid any interruption in our shareholders' ability to transfer their shares on a recognized stock exchange. Listing Trilogy's shares on the NEX at this time will also enable Trilogy to lower its operating costs due to reduced compliance expenses."
As the Company will be a venture issuer following its listing on the NEX, it will be able to meet minimum board composition requirements under Canadian securities laws with only three directors. Accordingly, four of Trilogy's directors - Nadir Mohamed, Alan Horn, Reza Satchu and Theresa Gillespie - have submitted resignation letters that will take effect on the date on which Trilogy's delisting from the TSX occurs. John Stanton, Brad Horwitz and Mark Kroloff will remain on Trilogy's board of directors.
Trilogy is not required to seek shareholder approval for the delisting of its common shares from the TSX, as an acceptable alternative market will exist for the common shares on or about the anticipated delisting date.
About Trilogy International Partners Inc.
Trilogy formerly operated wireless and broadband telecommunications subsidiaries in Bolivia and New Zealand. The Company sold its interests in those subsidiaries in May 2022, distributed a substantial portion of its proceeds from those transactions to shareholders in the form of a return of capital in June 2022, and has adopted a plan to liquidate.