CALGARY, Alberta, Sept. 11, 2023 (GLOBE NEWSWIRE) --
Explanatory Note:
Updated below on September 11, 2023 pursuant to Form 8-K/A filed on September 11, 2023 with the SEC to explain the delisting
DIRTT to Delist from Nasdaq Exchange; Public Trading on Toronto Stock Exchange Will Continue
DIRTT Environmental Solutions Ltd. (“DIRTT” or the “Company”), a leader in industrialized construction, announced on September 6, 2023, that The Nasdaq Stock Market (“Nasdaq”) will be delisting its shares on or around September 15, 2023. After the delisting, all current and future DIRTT shareholders will retain their ability to publicly trade DIRTT shares on the Toronto Stock Exchange (“TSX”) under the symbol "DRT".
The Company estimates a recurring annual cost savings of approximately USD $400,000 from the delisting. Otherwise, the Company’s business operations will not be affected, nor will its commitment to delivering value to customers, partners, employees, and shareholders. DIRTT will continue to comply with all U.S. Securities and Exchange Commission (SEC) regulations applicable to companies registered with the SEC, including filing annual reports, quarterly reports and current reports.
Commented DIRTT CEO Benjamin Urban, “After careful consideration, we determined there was insufficient value provided to DIRTT and our shareholders by maintaining a dual listing on both the Nasdaq and TSX. DIRTT shares will remain fully tradeable on the TSX, and the annual expense we incur to maintain the dual listing will be eliminated. This decision is an additional step in executing our strategy to streamline and simplify our business. Unlike the TSX, the Nasdaq has a listing rule that requires companies to maintain a minimum $1.00 share price. Although we did have the option to initiate a reverse stock split to continue the Nasdaq listing, we chose instead to invest our time and savings to create additional value for our clients and rewards for our shareholders.”