CALGARY, Alberta, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Critical Control Energy Services Corp. (“Critical Control”) (TSX: CCZ; TSX: CCZ.PR.A) has received notice from the Toronto Stock Exchange (the “TSX”) that Critical Control’s common shares do not meet the continued listing requirements of the TSX. Accordingly, Critical Control has 120 calendar days from January 30, 2019 to comply with the continued listing requirements, failing which the common shares will be delisted 30 days thereafter (the “Final Delisting Date”). A delisting of the common shares would also result in the delisting of Critical Control’s preferred shares from the TSX.
The continued listing requirements of the TSX include a provision that the total value of the common shares in the public float must be in excess of $2 million, excluding any common shares held by officers, directors and those who own more than 10% of the common shares. As such, management estimates that there are currently 8.7 million common shares in Critical Control’s public float, which would necessitate a trading price of not less than $0.23 per common share in order to regain compliance.
Prior to the Final Delisting Date, Critical Control may apply to voluntarily delist from the TSX or list its common shares and preferred shares on another exchange such as the TSX Venture Exchange or Canadian Stock Exchange. Should Critical Control choose to list on another exchange, such listing would be subject to meeting the minimum listing requirements of such exchange. Critical Control cannot provide assurance that it will obtain such a listing. For example, the TSX Venture Exchange, as an initial listing requirement for Critical Control’s common shares, requires at least 20% of the common shares to be part of the public float, which requirement Critical Control does not currently meet.
About Critical Control
Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.
For further information
Alykhan Mamdani
President & CEO
Tel (403) 705-7500