Oct 25, 2011 - Canadian solar technology company Arise Technologies Corp (TSE:APV) said on Friday that the Toronto Stock Exchange (TSX) had initiated a delisting review of the company following its recent decision to voluntarily place its German unit into insolvency.
Arise said that this was a standard practice in such situations.
The company now has until November 21 to demonstrate that it meets the exchange's requirements for continued listing. A failure to do so could lead to its securities being delisted on December 21.
Earlier last week, Arise unveiled it had signed a letter of intent (LoI) about a bridge loan and a business combination with an unnamed party. On Friday, it said that negotiations over the merger and the bridge financing were continuing and that if the business combination was completed, it expected it would be able to fulfill the exchange's continuing listing demands.