McPhy eyes transfer to SMEs-focused Euronext Growth market

French hydrogen equipment company McPhy Energy SA (EPA:MCPHY) intends to propose the transfer of its shares from the regulated Euronext Paris stock exchange to the small and medium enterprises (SMEs)-focused organised multilateral trading facility of Euronext Growth Paris.

The company said in a statement on Wednesday that it will propose this move during the next Combined Shareholders' Meeting, scheduled for May 30, 2024.

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McPhy explained that the Euronext Growth market better suits its size and share profile and will save it the effort of complying with the obligations and constraints on the regulated market of Euronext Paris. The move will also allow the company to simplify and reduce the resources mobilised for its listing, according to a statement.

Shares in McPhy were trading 1.44% lower at EUR 1.922 as of 1320 CET in Paris on Thursday. Its market capitalisation stands at about EUR 53.8 million (USD 58.4m).

Subject to the necessary approvals, the planned direct listing on Euronext Growth Paris, which will not involve new share issuance, is expected to take place on July 30, at the earliest.

McPhy specialises in hydrogen production and distribution equipment. The company also has a refuelling station business which is in the midst of being acquired by sector player Atawey.

(EUR 1 = USD 1.086)