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BELMONT, N.C. - Piedmont Lithium Inc. (NASDAQ:PLL; ASX:PLL) and Sayona Mining Limited have announced the nominees for the Board of Directors of the soon-to-be merged entity, which will be known as Elevra Lithium. The merger, first declared on November 19, 2024, is set to create a significant player in the lithium industry, crucial for the U.S. electric vehicle supply chain. According to InvestingPro data, Piedmont Lithium's stock has experienced significant volatility, with shares down about 50% over the past six months, though maintaining a strong balance sheet with more cash than debt.
The Board of Directors for Elevra Lithium will consist of an equal number of nominees from both companies, totaling eight members. Piedmont's nominees include Dawne Hickton as Chair, Christina Alvord, Jeff Armstrong, and Jorge M. Beristain. From Sayona's side, Lucas Dow, Managing Director and CEO, will be joined by James Brown, Allan Buckler, and Laurie Lefcourt.
Dawne Hickton, the Chair designate of Elevra Lithium, expressed honor at her selection and confidence in the capabilities of the new Board. She emphasized the importance of their collective skills and experience for the success of Elevra Lithium. Keith Phillips, President and CEO of Piedmont Lithium, also praised the new Board's strong and diverse expertise.
The merger is anticipated to be finalized in mid-2025, pending approvals from shareholders of both companies, regulatory sanctions, and customary closing conditions. Shareholders will receive a detailed disclosure document concerning the Transaction, expected to be filed with the U.S. Securities and Exchange Commission in the first half of 2025.
The completion of the merger will see several board members from both companies retire, including Paul Crawford and Philip Lucas from Sayona, and Michael Bless and Claude Demby from Piedmont. Keith Phillips will transition into a Strategic Advisor role following the merger.
Piedmont Lithium is focused on establishing a significant, integrated lithium business in North America. It aims to be one of the largest lithium hydroxide producers by processing spodumene concentrate from its interests in the United States, Quebec, and Ghana. Financial metrics from InvestingPro show the company maintains a healthy current ratio of 3.7, indicating strong short-term liquidity, though it's currently in a growth phase with negative EBITDA of $5.19 million. InvestingPro subscribers have access to 12 additional key insights about the company's financial health and growth prospects.
This announcement is based on a press release statement and contains forward-looking statements subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected. The forward-looking statements are made as of the press release date, and the companies undertake no obligation to update these statements. With analysts setting price targets ranging from $0.25 to $0.34, investors seeking deeper insights into Piedmont Lithium's valuation and growth potential can access comprehensive analysis and Fair Value estimates through InvestingPro's advanced financial metrics and expert tools.
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