It appears that Kontrol Technologies (NEO: KNR) is backing away from one of its key strategic initiatives for 2022. While the company has not formally indicated it is dropping the initiative entirely, it has stated that it has made close to zero progress on it, and it appears progress will not be made for the foreseeable future.
The initiative in question, of course, is the firms listing on a major US stock exchange. Laid out as the number one key strategic initiative for 2022 in a December 29, 2021, news release, the company last night provided an update on that goal.
As it turns out, no formal application has yet been made with any major US stock exchange to list the firms equity. Preliminary discussions have reportedly been had with one exchange, although its unclear whether that was the New York Stock Exchange or the Nasdaq.
Now, however, the company appears to be slowly walking away from the initiative, indicating that “due to market conditions” the company has elected to not file an application at this time. A timeline for the potential filing of an application was not provided.
The announcement was included in an update last night, wherein the firm also indicated it has filed a revised business acquisition report for its acquisition last year of Global HVAC & Automation. The OCS required the revision following a review, due to the initial report failing to include cash flow statements, a statement of retained earnings, or notes to the financial statements filed.
Kontrol Technologies last traded at $1.67 on the Neo.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
