Sayona and Piedmont Lithium amend merger agreement [Yahoo! Finance]
Piedmont Lithium Inc. (PLL)
Company Research
Source: Yahoo! Finance
In November 2024, the companies signed a definitive agreement to merge their businesses into a lithium-focused entity, with Sayona emerging as the ultimate parent company (MergeCo). The amendment stipulates that Sayona will seek shareholder approval for a share consolidation at a ratio of 150:1 before the transaction's completion. If approved, an updated exchange ratio of 3.5133 Sayona shares for each Piedmont share will be implemented, compared with the original 527:1 ratio without consolidation. Additionally, one Sayona American Depositary Share will represent 1,500 pre-consolidation Sayona shares or ten post-consolidation shares. Sayona also plans to seek approval to change the company's name to Elevra Lithium , with shares trading under the ticker symbol 'ELV' on the Australian Securities Exchange (ASX) and 'ELVR' on Nasdaq. The amendment also includes the ratification of the issuance of 1.25 billion Sayona shares in an equity financing round completed in November 2024
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