UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

40-F

☐

 REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒

 ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

Commission File Number:

December 31, 2022

001-39989

PYROGENESIS CANADA INC.

 (Exact name of Registrant as specified in its charter)

Canada

3599

N/A

(Province or Other Jurisdiction

of Incorporation or

Organization)

(Primary Standard

Industrial Classification Code)

(I.R.S. Employer Identification

No.)

1744, William St. Suite 200

Montréal

,

QC

,

H3J1R4

CANADA

Attention:

P. Peter Pascali

Chief Executive Officer

Tel:

1

-

514

-

937-0002

 (Address and telephone number of Registrant’s principal executive offices)

National Registered Agents, Inc.

1209 Orange St.

Wilmington

,

Delaware

19801

Tel:

202

-

572-3133

 (Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered or to be registered pursuant to section 12(b) of the Act:

Name of Each Exchange on Which 

Title of Each Class

Trading Symbol(s)

Registered:

Common Shares, no par value

PYR

The Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

For annual reports, indicate by check mark the information filed with this Form:

☒

 Annual Information Form

☒

 Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the Registrant’s classes of capital or common stock as of the close of the period covered by the annual report:

Title of Each Class

Number of outstanding shares

Common Shares, no par value

173,580,395

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months

(or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes 

☒

 No 

☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be

submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant

was required to submit and post such files).

Yes 

☒

 No 

☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company

☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the

extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over

financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☐

2

EXPLANATORY NOTE

PyroGenesis Canada Inc. (the “Company” or the “Registrant”) is a Canadian issuer that is permitted, under the

multijurisdictional disclosure system adopted in the United States, to prepare this Annual Report on Form 40-F pursuant to

Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance with Canadian

disclosure requirements. The Company is a “foreign private issuer” as defined in Rule 3b-4 under the Exchange Act. Equity

securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act

pursuant to Rule 3a12-3.

FORWARD LOOKING STATEMENTS

This Annual Report, including the exhibits attached hereto and incorporated herein may contain “forward-looking

statements” within the meaning of applicable Canadian and United States securities laws. All statements other than

statements of historical fact are forward-looking statements. The forward-looking statements contained in this Annual Report

are made only as of the date hereof. The forward-looking statements contained in the exhibits incorporated by reference

into this Annual Report are made only as of the respective dates set forth in such exhibits. The Registrant does not have,

or undertake, any obligation to update or revise any forward -looking statements whether as a result of new information,

subsequent events or otherwise, unless otherwise required by law.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”

or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not

anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”,

“could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on a number of

material assumptions, which management of the Registrant believe to be reasonable, including, but not limited to, the

Registrant’s ability to generate sufficient cash flow from operations and obtain financing, if needed, on acceptable terms or

at all; the general economic, financial market, regulatory and political conditions in which the Registrant operates; the

interest of potential purchasers in the Registrant’s products; anticipated and unanticipated costs; the government regulation

of the Registrant’s activities and products; the timely receipt of any required regulatory approvals; the Registrant’s ability to

obtain qualified staff, equipment and services in a timely and cost efficient manner; the Registrant’s ability to conduct

operations in a safe, efficient and effective manner; and the Registrant’s expansion plans and timeframe for completion of

such plans

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the

actual results, level of activity, performance or achievements of the Registrant to be materially different from those

expressed or implied by such forward-looking information. Although the Registrant has attempted to identify important

factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be

other factors that cause results not to be as anticipated, estimated, intended or projected. There is no assurance that such

statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in

such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Readers should

carefully consider the maters as further discussed under the heading "Risk Factors" in the Registrant’s Annual Information

Form for the year ended December 31, 2020, which is filed as Exhibit 99.1 hereto and incorporated by reference herein

The forward-looking statements contained in, or incorporated by reference into, this Form 40-F are made as of the date of

this Form 40-F or as otherwise specified. Except as required by applicable securities law, the Registrant undertakes no

obligation to update publicly or otherwise revise any forward -looking statements or the foregoing list of factors affecting

those statements, whether as a result of new information, future events or otherwise or the foregoing lists of factors affecting

this information. All forward-looking statements contained in this Form 40-F are expressly qualified in their entirety by this

cautionary statement.

DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this

report in accordance with Canadian disclosure requirements, which are different from those of the United States. The

Registrant prepares its financial statements, which are filed with this Form 40-F in accordance with International Financial

Reporting Standards as issued by the International Accounting Standards Board.

3

PRINCIPAL DOCUMENTS

Annual Information Form

The Registrant’s Annual Information Form for the fiscal year ended December 31, 2022 is filed as Exhibit 99.1 and

incorporated by reference in this Annual Report on Form 40-

F.

Audited Annual Financial Statements

The audited consolidated financial statements of the Registrant for the fiscal year ended December 31, 2022, including the

Independent Auditor’s Report with respect thereto, are filed as Exhibit 99.3 and incorporated by reference in this Annual

Report on Form 40-

F.

Management Discussion and Analysis

The Registrant’s Management Discussion and Analysis for the fiscal year ended December 31, 2022 is filed as Exhibit 99.2

and incorporated by reference in this Annual Report on Form 40-

F.

CERTIFICATIONS AND DISCLOSURES REGARDING CONTOLS AND PROCEDURES

Certifications

The required certifications are attached hereto as Exhibits 99.4, 99.5, 99.6, and 99.7.

Disclosure Controls and Procedures

The information provided in the section entitled “Controls and Procedures” under the sub-heading “Disclosure Controls and

Procedures” contained in the 2022 MD&A filed as Exhibit 99.2 to this Annual Report on Form 40-F is incorporated by

reference herein.

Management’s Annual Report on Internal Control over Financial Reporting

The information provided in the section entitled “Controls and Procedures” under the sub-headings “Management’s Annual

Report on Internal Controls over Financial Reporting and Remediation Plan” contained in the 2022 MD&A filed as

Exhibit 99.2 to this Annual Report on Form 40-F is incorporated by reference herein.

Attestation Report of Independent Auditor

In accordance with the United States Jumpstart Our Business Startup Act (the “JOBS Act”) enacted on April 5, 2012, the

Registrant qualifies as an “emerging growth company” (an “EGC”), which entitles the Registrant to take advantage of certain

exemptions from various reporting requirements that are applicable to other public companies that are not EGCs.

Specifically, the JOBS Act defers the requirement to have the Registrant’s independent auditor assess the Registrant’s

internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act. As such, the Registrant is

exempted from the requirement to include an auditor attestation report in this Form 40-F for so long as the Registrant

remains an EGC, which may be for as long as five years following its initial registration in the United States.

Changes in Internal Control over Financial Reporting

The information provided in the section entitled “Controls and Procedures” under the sub-heading “Changes in Internal

Controls over Financial Reporting” contained in the 2022 MD&A filed as Exhibit 99.2 to this Annual Report on Form 40-F is

incorporated by reference herein.

NOTICES PURSUANT TO REGULATION BTR

The Registrant was not required by Rule 104 of Regulation BTR to send any notices to any of its directors or executive

officers during the fiscal year ended December 31, 2022.

AUDIT COMMITTEE FINANCIAL EXPERT

The board of directors of the Registrant has determined that Mr. Andrew Abdalla, the chair of the Registrant’s audit

committee, qualifies as an audit committee financial expert for purposes of paragraph (8) of General Instruction B to

4

Form 40-F. The board of directors has further determined that Mr. Abdalla is also independent, as that term is defined in

the corporate governance requirements of the Nasdaq Capital Market (“Nasdaq”). The Commission has indicated that the

designation of Mr. Abdalla as an audit committee financial expert does not make him an "expert" for any purpose, impose

any duties, obligations or liabilities on him that are greater than those imposed on members of the audit committee and the

board of directors who do not carry this designation or affect the duties, obligations or liabilities of any other member of the

audit committee or the board of directors.

CODE OF ETHICS

The Registrant has adopted a written Code of Business Conduct and Ethics (the "Code") that is applicable to all employees,

contractors, consultants, officers and directors of the Registrant, and is filed as an exhibit to this Annual Report on

Form 40-

F.

All departures from, all amendments to the Code, and all waivers of the Code with respect to any of the senior officers

covered by it, which waiver may be made only by the board of directors of the Registrant in respect of senior officers, will

be disclosed as required. The Code is located on the Registrant’s website at www.pyrogenesis.com. Information contained

in or otherwise accessible through the Registrant’s website does not form part of this Form 40-F, and is not incorporated

into this Form 40-F by reference.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The fees paid to the independent auditor are included under the heading "Audit Committee - External Fees by Audit

Category" in the AIF, which is filed as Exhibit 99.1 hereto and incorporated by reference herein.

The Registrant’s audit committee has adopted a pre-approval policy. Under this policy, all non-audit services must be pre-

approved by the Audit Committee. The Registrant did not rely on the de minimis exemption provided by

Section (c)(7) (i)(C) of Rule 2-01 of Regulation S-X.

OFF-BALANCE SHEET ARRANGEMENTS

The Registrant has not entered into any “off-balance sheet arrangements”, that have or are reasonably likely to have a

current or future effect on the Registrant’s financial condition, changes in financial condition, revenues, expenses, results

of operations, liquidity, capital expenditures or capital resources that are material to investors.

CONTRACTUAL OBLIGATIONS

Below is a tabular disclosure of the Registrant’s contractual obligations at December 31, 2022:

Total

Carrying

contractual

Less than

 Over 5

value

amount

one year

2-3 years

4-5 years

 years

$

$

$

$

$

$

Bank indebtedness

991,902

991,902

991,902

—

—

—

Accounts payable and

accrued liabilities

9,620,591

9,620,591

9,620,591

—

—

—

Term loans

389,987

520,444

59,917

190,587

180,000

89,940

Balance due on

business combination

3,907,775

4,137,820

2,177,800

1,960,020

—

—

Lease liabilities

5,533,694

6,745,329

2,984,243

1,165,281

703,816

1,891,989

20,443,949

22,016,086

15,834,453

3,315,888

883,816

1,981,929

IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant’s Board of Directors has a separately designated standing Audit Committee established in accordance with

Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Andrew Abdalla (Chair of the

Committee), Robert Radin and Ben Naccarato.

5

MINE SAFETY DISCLOSURE

Not applicable

NASDAQ STATEMENT OF CORPORATE GOVERNANCE DIFFERENCES

The Registrant is a “foreign private issuer” as defined in Rule 3b-4 under Exchange Act and its common shares are listed

on Nasdaq and the Toronto Stock Exchange (the “TSX”). Rule 5615(a)(3) of Nasdaq Stock Market Rules permits foreign

private issuers to follow home country practices in lieu of certain provisions of Nasdaq Stock Market Rules. A foreign private

issuer that follows home country practices in lieu of certain provisions of Nasdaq Stock Market Rules must disclose ways in

which its corporate governance practices differ from those followed by domestic companies either on its website or in the

annual report that it distributes to shareholders in the United States. A description of the ways in which the Registrant’s

governance practices differ from those followed by domestic companies pursuant to Nasdaq Stock Market Rules are as

follows:

Majority Independent Directors

: The Registrant does not follow Nasdaq Stock Market Rule 5605(b)(1), which requires

listed companies to have a majority of the board of directors comprised of “Independent Directors” as defined in Nasdaq

Stock Market Rule 5605(a)(2). In lieu of following Nasdaq Stock Market Rule 5605(b)(1), the Registrant follows the rules of

the TSX.

Executive Sessions

: The Registrant does not follow Nasdaq Stock Market Rule 5605(b)(2), which requires listed

companies to have their Independent Directors regularly schedule meetings at which only Independent Directors are

present. In lieu of following Nasdaq Stock Market Rule 5605(b)(2), the Registrant follows the rules of the TSX.

Audit Committee Charter

: The Registrant does not follow Nasdaq Stock Market Rule 5605(c)(1), which requires listed

companies to adopt a formal written audit committee charter that specifies the scope of its responsibilities and the means

by which it carries out those responsibilities; the outside auditor's accountability to the audit committee; and the audit

committee's responsibility to ensure the independence of the outside auditor. In lieu of following Nasdaq Stock Market Rule

5605(c)(1), the Registrant follows the rules of the TSX.

Compensation Committee Charter

: The Registrant does not follow Nasdaq Stock Market Rule 5605(d)(1), which requires

listed companies to adopt a formal written compensation committee charter and have a compensation committee review

and reassess the adequacy of the charter on an annual basis. In lieu of following Nasdaq Stock Market Rule 5605(d)(1),

the Registrant follows the rules of the TSX.

Composition of Compensation Committee

: The Registrant does not follow Rule Nasdaq Stock Market 5605(d)(2), which

requires listed companies to have a compensation committee comprised of at least two members, with each member being

an Independent Director as defined under Nasdaq Stock Market Rule 5605(a)(2). In lieu of following Nasdaq Stock Market

Rule 5605(d)(2), the Registrant follows the rules of the TSX.

Independent Director Oversight of Director Nominations

: The Registrant does not follow Nasdaq Stock Market Rule

5605(e)(1), which requires Independent Director involvement in the selection of director nominees, by having a nominations

committee comprised solely of Independent Directors. In lieu of following Nasdaq Stock Market Rule 5605(e)(1), the

Registrant follows the rules of the TSX.

Nominations Committee Charter

: The Registrant does not follow Nasdaq Stock Market Rule 5605(e)(2), which requires

listed companies to adopt a formal written nominations committee charter or board resolution, as applicable, addressing the

director nomination process and such related matters as may be required under the federal securities laws. In lieu of

following Nasdaq Stock Market Rule 5605(e)(2), the Registrant follows the rules of the TSX.

Shareholder Meeting Quorum Requirements

: The Registrant does not follow Nasdaq Stock Market Rule 5620(c) which

requires that the minimum quorum requirement for a meeting of shareholders be 33 1/3 % of the outstanding common

shares. In addition, Nasdaq Stock Market Rule 5620(c) requires that an issuer listed on Nasdaq state its quorum requirement

in its by-laws. In lieu of following Nasdaq Stock Market Rule 5620(c), the Registrant follows the rules of the TSX.

The foregoing is consistent with applicable laws, customs and practices in Canada.

UNDERTAKING

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by

the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to:

6

the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an Annual Report on

Form 40-F arises; or transactions in said securities.

DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS

Not applicable.

CONSENT TO SERVICE OF PROCESS

The Registrant has previously filed with the Commission a written irrevocable consent and power of attorney on Form F-X.

Any change to the name or address of the Registrant’s agent for service shall be communicated promptly to the Commission

by amendment to the Form F-X referencing the file number of the Registrant.

The following documents are being filed with the Commission as exhibits to this Form 40-

F.

EXHIBIT INDEX

Exhibit Number

Exhibit Description

99.1

Annual Information Form for the year ended December 31, 2022

99.2

Management’s Discussion and Analysis for the year ended December 31, 2022

99.3

Audited Annual Consolidated Financial Statements for the year ended December 31, 2022

99.4

Certification of The Principal Executive Officer

99.5

Certification of The Principal Financial Officer

99.6

Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350

99.7

Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350

99.8

Consent of RCGT LLP

99.9

Code of Business Conduct and Ethics

101

Interactive Data File

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on

Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 31, 2023

PYROGENESIS CANADA INC.

By:

/s/ P. Peter Pascali

P. Peter Pascali

Chief Executive Officer