Sharp Corp. has applied to be relisted on the first section of the Tokyo Stock Exchange after being demoted last year while in dire straits.

The move, announced Friday, is part of the electronics maker's rebound under Taiwan's Hon Hai Precision Industry Co. after years of hardship stemming from its volatile liquid crystal display business.

The bourse is expected to take around three months to evaluate whether Sharp is fit for the first section, meaning its shares could return as soon as this fall. The company, based in Osaka Prefecture, has said it aims to be relisted by next March.

Sharp was demoted to the second section last August after falling into negative net worth at the end of March 2016. This was rectified by a cash injection from Hon Hai, also known by its trade name Foxconn, which acquired the company last year. Sharp expects to return to profitability in the fiscal year ending next March.

President and CEO Tai Jeng-wu, who was dispatched by Hon Hai to steer Sharp's turnaround, has said he intends to step down from his current position if Sharp returns to the first section but remain involved in management as board chairman or some other role.