Canadian satcoms service provider Norsat International is to list its common shares on the New York Stock Exchange.
The company has received clearance from NYSE Regulation Inc, an independent corporation that oversees listing compliance, to file an…
Canadian satcoms service provider Norsat International is to list its common shares on the New York Stock Exchange.
The company has received clearance from NYSE Regulation Inc, an independent corporation that oversees listing compliance, to file an Original Listing Application. Once this application has been approved and Norsat has met NYSE’s minimum trading price requirement, the company will begin trading on the exchange.
Norsat has been publically listed on the Toronto Stock Exchange (TSX) since 1990. In order to comply with all the NYSE requirements, the company is undertaking a reverse stock split of its common shares that are currently trading on TSX.
The consolidation, which takes place on 21 January, sees Norsat swap every ten pre-consolidation shares for one post consolidation share. This will result in reducing the number of the company’s outstanding shares from 58.3 million to 5.83 million.
Commenting on the dual listing, Norsat CEO Amiee Chan said: “A listing on the NYSE will enhance our visibility, particularly in the United States, where more than half of our revenues are derived from. We are excited about this next stage of development for Norsat as we believe a listing on the NYSE is a key component to enhance shareholder value going forward.”
Norsat began operating in 1977 based on a prototype satellite dish that founder Rod Wheeler fashioned out of chicken wire and foil from his cabin in Yukon, north west of Canada.
The company extended its product offering to include a range of microwave and digital products for terrestrial and wireless applications, and in recent years has grown through a series of bolt-on acquisitions. In 2011 it made its largest acquisition, buying RF antenna maker Sinclair Technologies for US$19.25m.
