TRQ asking to delist from Nasdaq
Turquoise Hill to Seek Share Consolidation, to Delist From NASDAQ
02:00 PM EST, 02/14/2020 (MT Newswires) -- Turquoise Hill Resources Ltd. (TRQ.TO) will be seeking shareholder approval to consolidate ts outstanding common shares. Reasons for and details of the share consolidation will be included in its Management Proxy Circular which will be mailed to shareholders in due course.
The company will voluntarily delist its common shares from the Nasdaq Stock Market LLC. It received an automatic notice from the Nasdaq on August 28th, 2019 that it was no longer in compliance with Nasdaq Rules as its share prie had fallen below a minimum bid price of US$1.00 per share for a 30 consecutive business days.
Given that trading on the Nasdaq represented only approximately 5% of the worldwide trading volume of Turquoise Hill's common shares in 2019, the company believes that the NYSE and the TSX listings provide investors with sufficient liquidity and will reduce administrative costs.
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