American Lithium (AMLI) said late Wednesday its board approved the voluntary delisting of its common shares from the Nasdaq Capital Market and the deregistration with the US Securities and Exchange Commission.

The company notified the Nasdaq of its intention to voluntarily delist its shares, it said. "The board has determined that the burdens associated with operating as a company listed on the Nasdaq outweigh any advantages to the company and its shareholders at this time."

The last trading day for the company's shares will likely be Dec. 27. The stock will continue to be listed on the TSX Venture Exchange and the Frankfurt Stock Exchange. In addition, American Lithium has applied for its shares to be quoted on the OTCQX Markets in the US.

Shares of American Lithium fell 3% in after-hours activity.