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Piedmont Lithium reports Q2 adjusted EPS (35c), two estimates (57c)
Reports Q2 revenue $11.86M, consensus $24.62M. "NAL continued to demonstrate strong operational performance in the second quarter amidst a challenging lithium market," said Keith Phillips, President and CEO of Piedmont Lithium. "NAL achieved record lithium recovery and mill utilization rates, resulting in record quarterly production and sales, which include over 20,000 tons delivered to and sold by Piedmont. As we approach our Special Meeting on August 11, we encourage all shareholders to vote on the proposed merger with Sayona Mining, which we believe is a strategic step toward enhancing long-term value."
Piedmont Lithium urges shareholders to vote for merger with Sayona Mining
Piedmont Lithium reaffirmed its strong support for the proposed merger with Sayona Mining and reminds shareholders to vote on the proposed merger prior to the deadline of 11:59 p.m. ET on Wednesday, July 30. The company is pleased to report that the votes received to date have been overwhelmingly in favor of the merger. In addition, the leading U.S. and Australian independent proxy advisory firms have recommended that shareholders support all three proposals to be considered at the upcoming special meeting. For the transaction to proceed, the company requires a majority of shares outstanding are voted in favor of the merger, so it is critical to maximize shareholder vote turnout to achieve the quorum for the upcoming meeting.
Piedmont Lithium reports Q1 adjusted EPS (46c), consensus (57c)
Reports Q1 revenue $20.0M, consensus $39.76M. The company said, "Our first quarter results reflect continued operational progress and the resilience of our team. We achieved record lithium recoveries at North American Lithium and the operation remains on track to meet shipment and cost guidance, despite weather-related impacts to mill utilization. In addition, we continued to take a disciplined approach to capital spending while making strong progress toward our planned merger with Sayona. We believe the proposed combination will enhance value for shareholders and position Elevra Lithium as a leading supplier to the North American battery supply chain."
Piedmont Lithium, Sayona Mining announce amendments to merger agreement
Piedmont Lithium and Sayona Mining provide an update in relation to the proposed merger between Piedmont and Sayona announced on November 19, 2024 that will combine the two companies to create a leading lithium business. Piedmont and Sayona entered into an amendment to the agreement and plan of merger governing the Transaction. The Amendment provides for, among other things, the following: Sayona seeking Sayona shareholder approval for a reverse stock split to consolidate Sayona's shares at a ratio of 1-for-150 and, subject to being approved by shareholders, the implementation of the consolidation prior to completion of the Transaction; an updated exchange ratio of 3.5133 Sayona shares for each Piedmont Lithium ordinary share if the consolidation is approved by Sayona shareholders and effected prior to completion; that each Sayona American Depository Share issued in the Transaction will represent 1,500 Sayona shares pre-share consolidation or 10 Sayona shares post-share consolidation; Sayona seeking Sayona shareholder approval to change the name of the combined company to Elevra Lithium Limited, the ticker symbol on the ASX to "ELV" and the ticker symbol for the ADSs on the Nasdaq to "ELVR"; Sayona seeking ratification by Sayona's shareholders of the issuance of 1.25 billion Sayona shares in the equity financing completed in November 2024 following the signing of the merger agreement for the Transaction; Sayona seeking the approval of Sayona's shareholders to increase the total maximum aggregate Directors' fees payable to Non-Executive Directors after completion of the Transaction to reflect the larger Board composition."
Piedmont Lithium/ Sayona Mining combination to be named 'Elevra Lithium'
Piedmont Lithium and Sayona Mining provide an update in relation to the proposed merger between Piedmont and Sayona announced on November 19, 2024 that will combine the two companies to create a leading lithium business. Upon completion of the transaction and subject to Sayona shareholder approval, the name of the combined business will be changed to Elevra Lithium. Further details on the name, brand and logo will be provided closer to the Transaction completion. Each of Piedmont and Sayona's Board of Directors have now selected their respective nominees to the Board of Directors of Elevra Lithium to be effective as of the closing of the Transaction. The Board of Directors of Elevra Lithium will consist of four Piedmont nominees from Piedmont's current Board of Directors (including the Chair designate of Elevra Lithium) and four Sayona nominees from Sayona's current Board of Directors (including the current Managing Director and CEO of Sayona) as of the closing.
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