A small British Columbia wireless network equipment manufacturer has lost its fight to stay listed on the Toronto Stock Exchange.
However, Tranzeo Wireless Technologies Inc. of Pitt Meadows said this week it will continue being a publicly-traded company. In a news release it said that it has received conditional approval to list on the TSX Venture Exchange, subject to meeting certain conditions.
On Friday, Matthew Johansen, Tranzeo’s manager of investor relations said he couldn’t talk about the listing change and how the disagreement with the TSX it has affected the company until the new listing is finalized.
Tranzeo, which makes which makes point to point and point to multipoint radios for service providers and enterprises, hopes the new venture exchange listing will be up Jan. 30.
Its shares on the TSX will delisted on Jan. 27 the company said.
In December the exchange announced it would delist Tranzeo shares. The reason wasn’t specified, but the senior exchange has minimum financial requirements companies have to obey to stay listed. After that announcement Tranzeo shares dropped from around 10 cents to a penny.
The TSX Venture Exchange has lower financial requirements.