U.S. Geothermal Inc. has applied for the voluntary delisting of the company’s shares from the Toronto Stock Exchange, but said its its shares will continue to trade on the NYSE market.
“The decision to voluntarily delist from the TSX is due to the very limited trading volume of the company’s shares on the TSX over a sustained period, with more than 97% of trades in the company’s securities over the past 24 months occurring on the NYSE, and only 3% occurring on the TSX,” U.S. Geothermal Inc. said in a statement. The delisting from TSX is expected to take effect as of the close of trading on December 31, 2015.
“We are executing our growth strategy which is very focused on delivering value to our shareholders.” said Dennis Gilles, CEO of US Geothermal. “We are also examining all costs and expenses and this is a prudent step which will favorably impact our bottom line.”
Following delisting from the TSX, the company intends to apply under Canadian securities laws for an order that it cease to be a reporting issuer in Canada. U.S. Geothermal Inc. has a total power generation of approximately 45 megawatts for a portfolio of assets. It has a number of projects in development stages, and expects installed capacity to reach 200 MW by 2020 through a combination of internal development and strategic acquisitions.