Maritime Launch Services is set to launch on Canada’s largest stock exchange.
The news: The Halifax-based commercial space company announced on Thursday that it has been conditionally approved to list its shares on the Toronto Stock Exchange (TSX), under the symbol $MAXQ, subject to listing requirements and the stock exchange’s final approval.
Maritime Launch owns and operates an in-development spaceport just outside Canso, NS, and has been trading on the OTCQB Venture Market and Cboe Canada Exchange since 2022. The company said it will provide another update to confirm when it begins trading on the TSX and when it ends trading on Cboe Canada.
From the source: Maritime Launch president and CEO Stephen Matier said the company has made “significant progress” in transitioning its spaceport from “development to execution,” and that the listing represents an important milestone in its growth.
“This listing will strengthen our visibility in Canadian capital markets as we continue to build the infrastructure, deliver on our customer commitments, and advance the operational capabilities needed to establish sovereign orbital launch capability in Canada,” Matier said.
The context: Founded in 2016, Maritime Launch is building Spaceport Nova Scotia to provide satellite launch services for both Canadian and global clients. The company’s project has faced many delays, and its first commercial rocket launch last November fell short of its target. Nonetheless, earlier this year the federal government committed $200 million to lease the company’s spaceport for 10 years to support the operational needs of the Department of National Defence and Canada’s allies. The company claims the spaceport’s first orbital launch will happen next year.
Final thought: The Toronto Stock Exchange handles most of Canada’s trading volume, compared to Cboe Canada, which handles nearly 15 percent of all trading volume in Canadian-listed securities. Other companies that have migrated to the TSX have noted that the exchange brings a larger pool of institutional investors, more market visibility, and better liquidity.
Feature image courtesy Maritime Launch Services.