Cannasouth has announced that its application to delist from the NZX Main Board has been accepted by NZ RegCo, subject to meeting certain requirements.
The company, which is currently under a deed of company arrangement, cited multiple breaches of its obligations under the NZX Listing Rules as the reason for the delisting.
These breaches include the inability to pay outstanding listing fees, compose a compliant board of directors, and file audited annual reports on time.
The deed administrators have decided to pursue delisting in order to resolve these issues.
After the delisting, Cannasouth will operate as a private company and the new board will explore options for shareholders to trade their shares on an unlisted platform.
The company's operations, including the processing of cannabis flower and production of CBD oral solutions, are said to be in line with budget projections.
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