PyroGenesis intends to voluntarily delist from Nasdaq

PyroGenesis Canada has notified the Nasdaq Stock Market of its intention to voluntarily delist its common shares from Nasdaq. Shares will continue to trade on the Toronto Stock Exchange. The Company has also taken steps to have its Shares quoted on the OTCQX Best Market. As previously announced in its press release dated May 23, 2023, the Company had received a written notification from Nasdaq Stock Market LLC indicating that the Nasdaq approves the Company’s request for a 180-day extension, from an original notice received on November 22, 2022, to meet the minimum closing bid price of US$1.00 per share listing requirement under Nasdaq Listing Rule 5550(a)(2). Although the Company has until November 20, 2023, to regain compliance with the bid price rule, after careful consideration, the Company has evaluated the benefits and costs of continuing its listing on Nasdaq and has concluded that it is appropriate to voluntarily delist from Nasdaq. The Company estimates that it incurs over $2 million in annual costs in connection with maintaining a dual listing and expects a substantial increase in expenses in the future due to growing compliance and regulatory requirements. Given that the Shares are concurrently traded on the TSX, the Company believes the relatively high insurance, listing, reporting, accounting, legal and compliance costs that are associated with a continued U.S. stock exchange listing, as well as the administrative implications and requirements associated with maintaining a dual listing, are not justified at this time. The Company has initiated the Nasdaq delisting process and is expected to file a Form 25 with the SEC for the removal of its Shares from Nasdaq’s listing, on or about November 6, 2023. This Form is anticipated to become effective 10 days following its filling, resulting to the delisting of the Company’s Shares from Nasdaq on or about November 16, 2023.