Kontrol Energy Corp (CSE: KNR) this morning announced that it has “authorized management to review the process” to move to both the Toronto Stock Exchange. If successful, the company then intends to begin the process of filing with the SEC to enable the company to apply to the Nasdaq.
Essentially, the company headlined the news that it has the “intention to begin the process of uplisting,” meaning the task is nowhere near being completed.
Unrelated to the future intentions of the company, Kontrol this morning also announced that it has seen its proposed name change approved, with the company expected to implement the name “Kontrol Technologies Corp” by the end of the year.
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Also announced this morning by the company is the news that it has completed a debenture exchange. The exchange effectively saw debentures due in 2020 exchanged for debentures that come due on October 31, 2022. In total, $3.65 million worth of debentures were issued at an 8% interest rate, with each unit comprised of one debenture valued at $1,000, which is non convertible, along with 10 common shares of the company. $871,000 in new proceeds were raised in connection with the offering, while $2.1 million in 2020 debentures were redeemed in cash by the firm.
Kontrol Energy last traded at $3.80 on the CSE.
Information for this briefing was found via Sedar and Kontrol Energy Systems. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
