Almonty Industries (ALM) is leaving the Toronto Stock Exchange on July 31, citing low trading volume and the cost of a dual listing. Shares remain on Nasdaq.
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Almonty Industries (ALM) said it will voluntarily delist its common shares from the Toronto Stock Exchange at the close of trading on July 31, while keeping its Nasdaq listing.
The tungsten producer cited low trading volume on the TSX and the cost of maintaining dual exchange listings. Most daily volume runs through Nasdaq, the company said, and the administrative and compliance costs tied to the TSX were no longer justified. Shareholder approval was not required under TSX rules because Nasdaq provides an alternative market.
Canadian shareholders will still be able to trade the stock on Nasdaq, Almonty said. Most brokers in Canada can handle Nasdaq-listed securities, and the company urged holders to confirm trading procedures with their brokerage.
Almonty operates the Sangdong mine in South Korea, one of the world's largest higher-grade tungsten deposits. Tungsten is used in armor and munitions, and the company has positioned itself as a non-China supplier as U.S. defense procurement policies tighten. Almonty also runs operations in Portugal and has projects in the U.S. and Spain.
The stock will continue trading on Nasdaq under the ALM ticker.
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