Did we just miss out on our first ASX-listed electric truck maker?
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ASX investors have missed out on the chance of an electric vehicle stock after ORH Limited told investors it would delist after failing to satisfy requirements for a re-listing.
The Perth-based mining truck builder — which has been suspended for exactly three years — will be removed from quotation on September 30.
ORH last month signed a deal to sell 70 per cent of itself to a Chinese electric vehicle maker, Changyuan Tiande Zhizhong New Energy Vehicle Co for $3 million.
Changyuan, based in China’s central-eastern Henan province, makes electric vehicles, aged care scooters and special purpose vehicles.
ORH had planned to expand into other industries and new product lines — though there was no mention of electric trucks just yet.
The company said it made $17 million in unaudited sales revenue in 2018, but had failed to meet ASX requirements to get itself re-listed.
“The company continues its discussions with Changyuan, a development, production and distribution company for electric vehicles, in accordance with the proposed transaction,” it told investors.
“The company will endeavour to complete the proposed transaction, with a view to making an application to ASX for a new listing in the future.”