Sale of Algoma Steel shares resumes (update) – .

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Sale of Algoma Steel shares resumes (update) – .


10:15 UPDATE

Sales of Algoma Steel shares resumed on the Toronto Stock Exchange after an initial shutdown.

Shares of the newly merged company started trading at $ 15.25 and were trading at $ 14.60 at the time of writing.

ORIGINAL STORY

Sales of Algoma Steel Group Inc. common shares were temporarily halted by the Investment Industry Regulatory Organization of Canada (IIROC) this morning, just as they were scheduled to begin trading on the Toronto Stock Exchange. and the Nasdaq.

“IIROC may make the decision to impose a temporary suspension (halt) of trading in a security of a publicly traded company,” the organization said in a statement.

“Trading suspensions are put in place to ensure a fair and orderly market. IIROC is the national self-regulatory body that oversees all investment dealers and trading activities in the debt and equity markets in Canada.

Trading stops are temporary pauses in trading to allow the markets to properly absorb new information.

They do not reflect a company’s reputation or management or the quality of its titles.

Most trading stops are made at the request of the relevant listed company and are lifted within hours.

A business combination transaction between Algoma and Legato Merger Corp. was approved by Legato shareholders last week.

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