- Clean TeQ Holdings (CLQ) has voluntarily applied to delist its ordinary shares from the Toronto Stock Exchange
- In the last 12 months, 96 per cent of the company’s trading occurred on the Australian Securities Exchange
- As such, Clean TeQ’s board of directors could not justify the various costs associated with maintaining a TSX listing
- The company’s shares will delist from the TSX on November 5, but will continue trading on the ASX
- Clean TeQ Holdings (CLQ) is down 9.68 per cent and is currently trading at C$0.28 per share
Clean TeQ Holdings (CLQ) has voluntarily applied to delist its ordinary shares from the Toronto Stock Exchange (TSX).
The metal recovery and water treatment company is currently dual-listed on the TSX and the Australian Securities Exchange (ASX). However, the company’s performance on these two different exchanges has been worlds apart, especially in the last year or so.
In the last 12 months, 96 per cent of trading in Clean TeQ shares occurred on the ASX. During the same period, the average daily volume of company shares traded on the ASX was 1,245,000, compared to a measly 48,800 on the TSX.
Furthermore, only 1.7 per cent of Clean TeQ’s shares are currently held on the Canadian share register. This limited trading volume of company shares on the TSX has caused the Board of Directors to reconsider maintaining a TSX listing.
Several other contributing factors, such as the ongoing regulatory costs associated with a TSX listing, made a continued listing unjustifiable.
As such, Clean TeQ’s ordinary shares will be delisted from the TSX after close of trading on November 5, 2020. The company’s shares will continue to trade as normal on the ASX, under its current ticker code CLQ.
Clean TeQ’s departure from the TSX, in favour of its continued listing on the ASX, will mean some changes for company shareholders on the Canadian share register. In order to trade their shares on the ASX, Canadian registered and beneficial shareholders will need to move their shareholdings to the Australian share register.
Clean TeQ Holdings (CLQ) is down 9.68 per cent and is trading at $0.28 per share at 11:00am EDT.