Arise Technologies Corp. stock listing is under review and could potentially be removed by the Toronto Stock Exchange before the end of the year, although it expects to satisfy the TSX requirements.
The solar technology company says the review process was initiated as standard procedure following the voluntary insolvency started by the Ontario company’s German subsidiary, Arise Technologies Deutschland GmbH The Waterloo, Ont.-based company has been given until Nov. 21 to demonstrate to the Toronto Stock Exchange that it continues to meet the market’s requirements. If Arise fails to do so, the company says its securities may be delisted Dec. 21.
Arise has been in the middle of planning a merger with an unnamed company, and earlier this month secured $1.5-million in bridge financing to move forward with the transaction and its due diligence.
The company said it is continuing negotiations, and that it believes once the transaction is complete it will satisfy the TSX listing requirements.
Arise makes photovoltaic cell technology for use in solar power generation.