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Investing.com -- Standard Lithium Ltd (NYSE.A:SLI) stock dropped 13% in after-hours trading Thursday following the company’s announcement of a planned $120 million public offering of common shares.
The near-commercial lithium development company intends to sell common shares through an underwritten public offering, with Morgan Stanley and Evercore ISI serving as co-lead book-running managers. BMO Capital Markets will also act as a book-running manager for the proposed offering.
Standard Lithium plans to grant underwriters a 30-day option to purchase up to an additional 15% of the common shares at the public offering price. The company noted that the offering is subject to market conditions, and there is no guarantee regarding its completion, size, or terms.
According to the announcement, proceeds from the offering will fund capital expenditures at the company’s South West Arkansas Project and the Franklin Project in East Texas, as well as working capital and general corporate purposes.
Standard Lithium focuses on developing large, high-grade lithium-brine properties in the United States, with flagship projects located in the Smackover Formation in Arkansas and Texas. The company is advancing its South West Arkansas project in partnership with global energy company Equinor.
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