Vintage Wine Estates Announces Voluntary Delisting from Toronto Stock Exchange
February 18, 2022 at 16:45 PM EST
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (TSX: VWE.U and VWE.WT.U) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry-leading direct-to-customer platform, today announced that it has provided written notice to the Toronto Stock Exchange (the “TSX”) of its intent to voluntarily delist its common shares (“Common Shares”) and common share purchase warrants (“Warrants”) from the TSX. Accordingly, VWE expects that effective at the close on March 7, 2022, the Common Shares and Warrants will no longer be traded on the TSX. The Common Shares and Warrants will continue to trade on the Nasdaq Global Market and the Nasdaq Capital Market, respectively, under the symbols “VWE” and “VWEWW”.
The Company believes that the trading volume of its Common Shares and Warrants on the TSX no longer justifies the expense and administrative efforts associated with maintaining TSX listing, especially given VWE’s listing on The Nasdaq Stock Market (“Nasdaq”). The Company’s listing on Nasdaq provides its stockholders with market liquidity, and the savings in exchange fees, legal fees, and managerial time and effort to maintain a dual listing can be redirected into further advancing the business of the Company.
Pursuant to Section 720(b)(i) of the TSX Company Manual, stockholder approval is not required with regards to the voluntary delisting as an alternative market for the shares that will exist on Nasdaq. Stockholders holding shares in Canadian brokerage accounts should contact their brokers to confirm how to trade VWE shares on the Nasdaq.
About Vintage Wine Estates, Inc.