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Piedmont Lithium (ASX:PLL) - Managing Director & CEO, Keith D Phillips - The Market Herald
Managing Director & CEO, Keith D Phillips
Source: Gaston Gazette
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  • Piedmont Lithium (PLL) has entered back-to-back trading halts after announcing a proposed U.S. public offering
  • The offering will see 1.5 million American Depositary Shares (ADS) — made up of around 100 ordinary PLL shares — offered to investors
  • Proceeds from the ADS offering will be used to advance Piedmont's lithium project in North Carolina
  • The company recently signed a five-year sales agreement with Elon Musk's electric vehicle business Tesla
  • In the meantime, today's two trading halts will expire on October 26 at the latest — pending the release of the ADS details
  • Before the back-to-back halts, shares in PLL were trading for 42 cents each

Emerging lithium company Piedmont Lithium (PLL) has entered back-to-back trading halts after announcing a proposed U.S. public offering.

Piedmont has recently been capturing interest worldwide after it signed a five-year sales agreement with Elon Musk's electric vehicle (EV) business Tesla.

Under the agreement, Piedmont will supply the globally recognised brand with spodumene concentrate — which is used in lithium batteries which power EV's.

U.S. float

The U.S. initial public offering will see 1.5 million American Depositary Shares (ADS) — made up of around 100 ordinary PLL shares — offered to interested U.S. investors.

Evercore ISI, Canaccord Genuity and ThinkEquity are acting as joint bookrunners and lead underwriters of the U.S. offering.

The companies have also agreed to a 30-day option to potentially acquire an additional 225,000 ADS's.

All of the proceeds from the offer, if it goes ahead, will be used to advance the company's lithium project in North Carolina.

In the meantime, the company has entered back-to-back trading halts to give it time to plan and execute the proposed ADS offering.

The exact details of the offering are still unknown and shareholders will have to wait until the trading halts expire on October 26 to find out how much each ADS will be worth.

Before today's trading halts came into effect, shares in Piedmont Lithium were trading for 42 cents each on October 19.

PLL by the numbers
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