Piedmont Lithium Inc., a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today announced the successful completion of the merger with Sayona Mining Limited following approval by shareholders of both companies and the satisfaction of all closing conditions.
The combined company, named Elevra Lithium, brings together complementary assets and creates one of the largest hard-rock lithium platforms. As a current supplier of critical lithium resources with a globally significant portfolio of development-stage projects, Elevra is well-positioned to supply the growing demand from global energy transition.
“This is a transformative milestone for our shareholders, employees, and partners,” said Keith Phillips, President and Chief Executive Officer of Piedmont Lithium. “The combination with Sayona significantly strengthens our global footprint, enhances scale, and positions us to be a leading supplier of lithium resources to the growing EV and stationary storage supply chains. We are excited to move forward as a combined company with Sayona and to build long-term value for all stakeholders.”
In connection with the completion of the Merger, Piedmont’s common stock and Chess Depositary Interests (“CDIs”) will be delisted from the Nasdaq and the Australian Securities Exchange, respectively. Holders of Piedmont Lithium common stock (Nasdaq: PLL) will receive 0.35133 American Depositary Shares (Nasdaq: ELVR), representing 527 Sayona ordinary shares, for each share of Piedmont common stock held. Holders of Piedmont CDIs (ASX: PLL) will receive 5.27 Sayona ordinary shares (ASX: SYA) for each CDI held. Any fractional shares issuable will be rounded up to the nearest whole share.
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