Arise Technologies Corp. , a Waterloo, Ont., solar technology company that was once considered a leader in the Canadian solar energy sector, will have its stock dropped from the Toronto Stock Exchange.
The company said Thursday that the TSX has decided that its shares and warrants no longer meet its listing requirements, and they will be delisted as of Dec. 23. Arise said it will try to get a listing on an "alternate exchange."
In the meantime, the Investment Industry Regulatory Organization of Canada (IIROC) has initiated a temporary cease-trade order on Arise's common shares and warrants until the company files its third-quarter interim financial statements, which have been delayed.
Arise made waves three years ago when it opened the doors of a brand-new solar cell manufacturing plant in Bischofswerda, Germany. With financial support from the German government, the operation was to be a key foothold for the Canadian company, giving it access to the lucrative European solar energy market.
In October, Arise shut down the facility, unable to get sufficient financing to expand and upgrade in order to make high-efficiency cells. Arise's German arm is now in insolvency proceedings, which could see its assets sold or disposed of.