Vast Announces Voluntary Nasdaq Delisting and Strategic Leadership Changes
Vast Renewables (VSTE) has announced its voluntary delisting from Nasdaq, with the last trading day expected around May 23, 2025. The company plans to transition to the OTC marketplace and will file Form 15 to deregister its securities and suspend SEC reporting obligations. This strategic move aims to reduce administrative costs and align governance with business needs.
The company's primary focus remains its 30MW Port Augusta utility-scale clean energy project (VS1), which recently secured up to AUD180 million in conditional funding from the Australian Renewable Energy Agency. VS1 is targeting financial close by September 2025 and has received environmental approval to begin construction in 2025.
Additionally, Vast announced key leadership changes, promoting Lachlan Roberts to COO and appointing David Collins as GM of Commercial to oversee global project development.
Vast Renewables (VSTE) ha annunciato la sua volontaria cancellazione dalla quotazione al Nasdaq, con l'ultimo giorno di contrattazione previsto intorno al 23 maggio 2025. L'azienda intende passare al mercato OTC e presenterà il Modulo 15 per deregistrare i suoi titoli e sospendere gli obblighi di rendicontazione alla SEC. Questa mossa strategica mira a ridurre i costi amministrativi e ad allineare la governance alle esigenze aziendali.
Il focus principale della società resta il suo progetto di energia pulita su scala utility da 30MW a Port Augusta (VS1), che ha recentemente ottenuto un finanziamento condizionale fino a 180 milioni di AUD dall'Agenzia Australiana per le Energie Rinnovabili. VS1 punta a chiudere il finanziamento entro settembre 2025 e ha ricevuto l'approvazione ambientale per iniziare la costruzione nel 2025.
Inoltre, Vast ha annunciato importanti cambiamenti nella leadership, promuovendo Lachlan Roberts a COO e nominando David Collins come GM Commercial per supervisionare lo sviluppo globale dei progetti.
Vast Renewables (VSTE) ha anunciado su exclusión voluntaria de Nasdaq, con el último día de negociación previsto alrededor del 23 de mayo de 2025. La compañía planea pasar al mercado OTC y presentará el Formulario 15 para cancelar el registro de sus valores y suspender las obligaciones de reporte ante la SEC. Esta estrategia busca reducir costos administrativos y alinear la gobernanza con las necesidades del negocio.
El enfoque principal de la empresa sigue siendo su proyecto de energía limpia a escala de servicios públicos de 30MW en Port Augusta (VS1), que recientemente aseguró hasta 180 millones de AUD en financiamiento condicional de la Agencia Australiana de Energías Renovables. VS1 apunta a cerrar la financiación para septiembre de 2025 y ha recibido la aprobación ambiental para comenzar la construcción en 2025.
Además, Vast anunció cambios clave en su liderazgo, promoviendo a Lachlan Roberts a COO y nombrando a David Collins como GM Comercial para supervisar el desarrollo global de proyectos.
Vast Renewables (VSTE)는 나스닥에서 자발적으로 상장 폐지할 예정이며, 마지막 거래일은 2025년 5월 23일경으로 예상됩니다. 회사는 OTC 시장으로 전환할 계획이며, 증권 등록 말소 및 SEC 보고 의무 중단을 위해 Form 15를 제출할 예정입니다. 이번 전략적 조치는 관리 비용을 줄이고 기업 거버넌스를 사업 필요에 맞추기 위한 것입니다.
회사의 주요 초점은 포트 어거스타 30MW 규모 유틸리티급 청정 에너지 프로젝트(VS1)에 있으며, 최근 호주 재생에너지청으로부터 최대 1억 8천만 호주 달러의 조건부 자금 지원을 확보했습니다. VS1은 2025년 9월까지 금융 마감을 목표로 하며, 2025년 건설 시작을 위한 환경 승인도 받았습니다.
또한 Vast는 주요 리더십 변화를 발표하며 Lachlan Roberts를 COO로 승진시키고, 글로벌 프로젝트 개발을 총괄할 David Collins를 상업 총괄 매니저로 임명했습니다.
Vast Renewables (VSTE) a annoncé son retrait volontaire du Nasdaq, avec une dernière journée de cotation prévue autour du 23 mai 2025. La société prévoit de passer au marché OTC et déposera le formulaire 15 pour radier ses titres et suspendre ses obligations de reporting auprès de la SEC. Cette démarche stratégique vise à réduire les coûts administratifs et à aligner la gouvernance sur les besoins de l'entreprise.
Le principal projet de la société reste son projet d'énergie propre à l'échelle utilitaire de 30 MW à Port Augusta (VS1), qui a récemment obtenu un financement conditionnel allant jusqu'à 180 millions AUD de l'Agence australienne des énergies renouvelables. VS1 vise une clôture financière d'ici septembre 2025 et a reçu l'approbation environnementale pour commencer la construction en 2025.
De plus, Vast a annoncé des changements clés dans sa direction, en promouvant Lachlan Roberts au poste de COO et en nommant David Collins directeur général commercial pour superviser le développement mondial des projets.
Vast Renewables (VSTE) hat seine freiwillige Notierungsaufhebung an der Nasdaq angekündigt, wobei der letzte Handelstag voraussichtlich um den 23. Mai 2025 liegen wird. Das Unternehmen plant den Übergang zum OTC-Markt und wird das Formular 15 einreichen, um seine Wertpapiere abzumelden und die SEC-Berichtspflichten auszusetzen. Dieser strategische Schritt zielt darauf ab, Verwaltungskosten zu senken und die Governance an die Geschäftsbedürfnisse anzupassen.
Der Hauptfokus des Unternehmens liegt weiterhin auf dem 30-MW-Port Augusta Versorgungsmaßstab-Projekt für saubere Energie (VS1), das kürzlich eine bedingte Finanzierung von bis zu 180 Millionen AUD von der Australian Renewable Energy Agency erhalten hat. VS1 strebt einen Finanzabschluss bis September 2025 an und hat die Umweltgenehmigung für den Baubeginn im Jahr 2025 erhalten.
Zusätzlich kündigte Vast wichtige Führungswechsel an, indem Lachlan Roberts zum COO befördert und David Collins als General Manager Commercial ernannt wurde, um die globale Projektentwicklung zu überwachen.
- Secured up to AUD180 million in conditional funding for VS1 project
- Received environmental approval for VS1 construction
- Expected cost reduction through decreased regulatory and administrative expenses
- Strengthened leadership team with internal promotion and new appointment
- Voluntary delisting from Nasdaq indicates potential reduced access to capital markets
- Moving to OTC marketplace may result in decreased stock liquidity
- Loss of Nasdaq visibility could impact investor interest and trading volume
SYDNEY, May 06, 2025 (GLOBE NEWSWIRE) -- Vast Renewables Limited (Vast) (Nasdaq: VSTE), a leading Australian clean energy technology company, today announced that it has notified The Nasdaq Stock Market LLC (Nasdaq) of its intention to voluntarily delist its ordinary shares and public warrants from Nasdaq. Delisting from Nasdaq marks the first step in Vast’s broader strategy to cease its public reporting obligations in the U.S. The decision to delist and deregister is a strategic step by Vast to simplify its corporate structure, reduce regulatory and administrative costs, and align its governance with the scale and needs of its business. As a growth-stage enterprise focused on long-term infrastructure development, Vast believes that redirecting resources toward executing its business plan will better position Vast for long-term success.
Vast expects to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) to delist its ordinary shares and public warrants on or about May 15, 2025, with the delisting expected to become effective ten days thereafter. Accordingly, Vast anticipates that the last day of trading of its ordinary shares and public warrants on Nasdaq will be on or about May 23, 2025. Following the delisting, Vast expects that its ordinary shares and public warrants will begin trading in the over-the-counter (OTC) marketplace. Vast also intends to file a Form 15 to deregister its securities and suspend its SEC reporting obligations.
Vast’s priority remains reaching financial close for its 30MW Port Augusta utility-scale clean energy project, Vast Solar 1 (VS1), by the end of September 2025. VS1 was recently awarded up to AUD180 million of conditional funding from the Australian Renewable Energy Agency and is set to be one of Australia’s first projects to provide urgently needed long duration renewable energy storage and generation during peak pricing periods when intermittent renewables like solar PV are not available.
VS1 recently received a ‘not a controlled action’ determination under the Environment Protection and Biodiversity Conservation Act, streamlining the path to commencing construction later this year.
Vast is also pleased to announce the promotion of Lachlan Roberts, current GM of Project Development and Delivery, to Chief Operating Officer, and the appointment of David Collins as GM of Commercial to lead the development of Vast’s pipeline of projects globally. These leadership changes, and the streamlined corporate structure enabled by delisting and deregistration, position Vast to sharpen its operational focus, drive execution excellence, and accelerate the delivery of VS1 and its other strategic priorities.
About Vast
Headquartered in Australia, Vast is a renewable energy company developing clean energy solutions that enable 24/7 green, low-cost heat and power to decarbonise the grid, green fuels production for the transport industry, and hard-to-abate industries. Vast’s next generation concentrated solar power (CSP) v3.0 approach utilises a proprietary, modular sodium loop to efficiently capture and convert the sun’s energy.
Visit www.vast.energy for more information.
Contacts
For Investors:
Caldwell Bailey
ICR, Inc.
VastIR@icrinc.com
For US media:
Matt Dallas
ICR, Inc.
VastPR@icrinc.com
For Australian media:
Andrew Butler
Wilkinson Butler
abutler@wilkinsonbutler.com
Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding VS1, Vast's future financial performance, Vast's strategy, future operations, financial position, estimated revenues and losses, projected costs, capital expenditures, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "project," "should," "will," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, the timing of Vast’s delisting from Nasdaq and deregistration and related regulatory filings; the anticipated cost savings in connection with the delisting and deregistration; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast's ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast's ability to estimate project costs and to execute its business plan, including the completion of the Port Augusta project (including VS1), at all or in a timely manner; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast; changes in applicable laws or regulations and general economic and market conditions impacting project costs and/or demand for Vast's products and services. Additional risks are set forth in the section titled "Risk Factors" in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, as amended on November 7, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast's expectations can be found in Vast's periodic filings with the SEC. Vast's SEC filings are available publicly on the SEC's website at www.sec.gov.
FAQ
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