Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) (TSX: VFF) today announced that it has applied and received approval for a voluntary delisting of its common shares from the Toronto Stock Exchange (“TSX”).
With Village Farms’ common shares being listed on the Nasdaq Capital Market (“Nasdaq”) since February 2019, the Company believes the trading volume of its common shares on the TSX no longer justifies the expense and administrative requirements associated with maintaining a TSX listing. The Company also believes Nasdaq provides its shareholders with sufficient liquidity, and the cost savings from the elimination of TSX listing fees and associated professional fees, as well as the savings in time and effort of management required to maintain a dual listing, can be redirected to initiatives intended to generate shareholder value. Effective at the close of markets on December 31, 2021, Village Farms’ common shares will no longer be listed or traded on the TSX.
Following delisting from the TSX, Village Farms’ shareholders can trade their common shares through their brokers on Nasdaq. As most brokers in Canada, including many discount and online brokers, have the ability to buy and sell securities listed on Nasdaq, Village Farms’ Nasdaq listing will continue to provide shareholders with the same accessibility to trade the Company’s common shares. Shareholders holding Village Farms’ shares in Canadian brokerage accounts should contact their brokers to confirm how to trade the Company’s common shares on Nasdaq.
In accordance with TSX rules, the voluntary delisting from the TSX does not require shareholder approval as an acceptable alternative market for Village Farms’ common shares exists on Nasdaq.