Did we just miss out on our first ASX-listed electric truck maker?
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.”