Most lithium stocks higher after Piedmont Lithium bought by Australian firm
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Piedmont Lithium (NASDAQ:PLL) +4.8% in Tuesday's trading and leading most lithium stocks higher after agreeing to be bought by Australia's Sayona Mining (OTCQB:SYAXF) in an all-stock deal at a 6% premium for Piedmont based on Monday's closing share prices.
Among other lithium stocks: Albemarle (ALB) +2.4%, Lithium Americas (LAC) +3.6%, Lithium Americas Argentina (LAAC) +2.4%, Standard Lithium (SLI) +8.6%.
Sayona (OTCQB:SYAXF) said the deal would create the largest producer of hard-rock lithium in North America; its market value totals $254M, while Piedmont Lithium (PLL) is valued at $227M.
Sayona (OTCQB:SYAXF) would be the parent company, but shareholders of the two companies will own roughly equal stakes in the combined entity.
The companies already have a joint venture in Quebec - North American Lithium - which finished ramping up in June and is targeting 226K metric tons/year of spodumene concentrate production, of which it will sell half to Piedmont (PLL).
ETF: (LIT), (BATT)
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