Prominent pyrolysis operator delists from Australian and German markets amid extended shutdown
Tire pyrolysis company Pyrolyx A.G. has delisted from the Australian Securities Exchange (ASX) as well as the Dusseldorf and Frankfurt stock markets following a prolonged closure of its processing plants in the U.S. and Germany.
In a trading update, 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 on Aug. 21 about delisting and said it expected the delisting to be effective by the end of that month.
Pyrolyx cited an announcement from early May, when it said its recovered carbon black (rCB) facilities in Terre Haute, Ind., and Stegelitz, Germany, remained shut amidst the COVID-19 pandemic.
The company said it "had no way of knowing" when production 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 in the U.S. and Germany. The company also is constructing a second facility in Terre Haute, which was due for completion in the first quarter of 2020.
In November last year, Pyrolyx signed a five-year contract with Continental A.G. to supply the German tire and rubber products maker with rCB.