The Toronto Stock Exchange has lost another listing as it continues to struggle to compete with the volume of shares traded on both the New York Stock Exchange as well as the Nasdaq. Neptune Wellness (TSX: NEPT) this morning notified its shareholders that it has sought a voluntary delisting from the exchange.
In making the decision to voluntarily delist, which has been approved by the TSX, the company stated in simple terms that, “the trading volume of its shares on the TSX no longer justifies the expense and administrative efforts associated with maintaining this listing.” Given that the company already holds a Nasdaq listing, it no longer sees the need to be cross listed.
Neptune currently sees average trading volume of 27,711 shares per day on the Toronto Stock Exchange, based on a 30 day average. For comparison, the company currently has an average volume of 290,781 on the Nasdaq.
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The company also noted that the expense of the dual listing can now be redirected to advancing the business of the company.
The delisting is slated to occur at the close of markets on August 15.
Neptune Wellness last traded at $1.49 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. 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.
