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Piedmont Lithium Inc. (NASDAQ:PLL), currently trading at $9.42 with a market capitalization of $201 million, announced this week that its special meeting of stockholders to approve the proposed merger with Sayona Mining Ltd has been adjourned to Friday, August 22, 2025, at 11 a.m. Eastern Time. The company stated that the adjournment was made public on Monday. According to InvestingPro analysis, PLL currently shows signs of being undervalued, with a FAIR financial health rating.
According to the press release statement included in the SEC filing, Sayona Mining and Resource Capital Fund VIII L.P. (RCF) have amended their subscription agreement as a result of the adjournment. The agreement, originally signed on November 19, 2024, called for RCF to subscribe for 2,156,250,000 Sayona ordinary shares at an issue price of AU$0.032 per share, contingent on the closing of the merger. The end date for the subscription agreement has now been extended from August 19, 2025, to December 31, 2025. Piedmont has demonstrated strong revenue growth of 58% in the last twelve months, as reported by InvestingPro, which offers comprehensive analysis and 12+ additional ProTips for this stock.
Under the revised terms, RCF has also agreed to subscribe for options to purchase up to 1.2 billion additional Sayona shares. The options will be issued in two tranches, subject to the completion of the merger and other conditions. The first tranche will allow RCF to increase its holding to 9.99% of Sayona’s issued capital. The second tranche, which requires regulatory approval, will cover the remaining options.
Each option will have an exercise price of AU$0.032, representing a 14% premium to Sayona’s closing price on Monday. The options will expire at 5:00 p.m. Brisbane time on December 31, 2028, and may be exercised in parcels of no less than 200 million options. If fully exercised, the options would provide Sayona with approximately AU$38 million in capital.
This information is based on a press release statement included in Piedmont Lithium’s SEC filing.
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