Sayona Mining (ASX:SYA) and Piedmont Lithium (ASX:PLL) entered into an amendment to their merger plans, according to a Wednesday Australian bourse filing.

The amendment provides for Sayona to seek approval of its shareholders to consolidate its shares at a ratio of 150-to-one.

The updated exchange ratio under the merger will be 3.5133 Sayona shares for each Piedmont Lithium share if the consolidation is effected prior to completion of the merger.

Sayona will also seek the approval of its shareholders to change its name to Elevra Lithium and its ticker on the ASX to "ELV" and the ticker of Sayona's American depositary shares trading on Nasdaq to "ELVR."

One American depositary share to be issued in the transaction will represent 1,500 Sayona shares pre-consolidation or 10 Sayona shares post-consolidation.

Piedmont's shares jumped past 9% in recent trading on Wednesday, while Sayona's shares rose past 2%.