[SatNews] Norsat International Inc. (“Norsat” or “the Company”) (TSX: NII and OTC BB: NSATF) has received clearance from NYSE Regulation, Inc. on behalf of NYSE MKT LLC, to file an Original Listing Application (the “application”) to list the Company’s common shares (the “Common Shares”) on the NYSE MKT.
Following the filing and acceptance of the application and meeting the NYSE MKT’s minimum trading price requirement, it is expected that Norsat will have the opportunity to begin trading on the NYSE MKT.
Dr. Amiee Chan, chief executive officer of Norsat International, said, “Norsat has made considerable progress over the last number of years to transition the company to a leadership position within the highly specialized communications marketplace in which we operate. We continue to stay at the forefront of product innovation, and have effectively supplemented our internal growth with strategic acquisitions which has led to consistent profitability over the last 8 years. A listing on the NYSE MKT 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 MKT is a key component to enhance shareholder value going forward.”
In connection with its application to list on the NYSE MKT and its minimum trading price requirements, the Company will complete a consolidation of its Common Shares on the basis of ten pre-consolidation Common Shares for each one post consolidation common share (the “Consolidation”). The Consolidation will result in the approximately 58,316,532 Common Shares currently issued and outstanding being reduced to approximately 5,831,653 Common Shares on a post-consolidated basis. No fractional Common Shares will be issued in connection with the Consolidation. Any fractional shares that result from the Consolidation will be rounded to the nearest whole number.
The Company’s Common Shares will continue to trade on the Toronto Stock Exchange (the “TSX”) under the symbol “NII” on a post-consolidated basis under the new CUSIP number 656512209. The Common Shares will commence trading on the TSX on a post consolidated basis on January 21, 2015.
Letters of transmittal with respect to the Consolidation were mailed to all registered shareholders of the Company on or around January 16, 2015. All registered shareholders will be required to send their respective certificates representing the pre-consolidated Common Shares along with a properly executed letter of transmittal to the Company’s transfer agent, Computershare Investor Services Inc., in Toronto, Ontario, all in accordance with the instructions provided in the letter of transmittal.
Norsat International's infosite at http://www.norsat.com/ has additional company details...