BioteQ Environmental Technologies Inc. (TSX:BQE), a Vancouver company that specializes in mine wastewater treatment and mineral reclamation, could be delisted from the Toronto Stock Exchange.
The company has received a listing review from the TSX, based on it market capitalization.
BioteQ’s stock has generally followed the decline of mining stock, dropping from $1.05 per share in February 2011 to just $0.025, driving its market capitalization from $98 million to just $2.4 million.
In April, David Kratochvil, the company’s former CTO, who assumed the CEO’s position last year, told Business in Vancouver that the plight of the mining sector had had an impact on the company’s stock prices, but said that wasn’t the only problem.
He said the company’s business model had to change to focus more on generating recurring revenue. The company has been trying to switch from a builder of turnkey treatment plants to more of an engineering services model.
In April, Kratochvil said the company was considering a variety of options, including taking the company private.
The company said in a press release that it is also considering moving to another exchange, should it fail to keep its TSX listing. The company has been given 120 days to demonstrate to the TSX that it can meet its continued listing requirements.
