Munich – German tire pyrolysis company Pyrolyx AG has delisted from the Australian Securities Exchange (ASX) as well as Dusseldorf and Frankfurt stock markets following a prolonged closure of its manufacturing plants in the US and Germany.
In a trading update 29 Aug, Pyrolyx said it had delisted from ASX following "failure to pay its annual listing fees by the due date."
In addition, the company said it had notified German markets about delisting on 21 Aug and expected the delisting to be effective by the end of that month.
Pyrolyx cited its earlier announcement on 8 May, saying manufacturing of recovered carbon black (rCB) at its facilities in Terre Haute, Indiana and Stegelitz, Germany remained shut following the Covid-19 pandemic.
The company said it “had no way of knowing” when manufacturing would resume at the sites, adding that it would continue to review operational and financial requirements for the reopening of the plants.
As a result, and given the need for the company to preserve its remaining financial reserves, Pyrloyx said it was “in the best interests of all security holders” that it is delisted from the trading markets.
Based in Munich, Pyrolyx is a manufacturer of rCB with production plants in Terra Haute and Stegelitz. The company is also constructing a second facility in Terra Haute, which was due for completion in the first quarter of 2020.
In November last year, Pyrolyx signed a five-year contract with Continental for the supply of rCB to the German tire and rubber products maker.