PRESS RELEASE | May 7, 2018 | NASDAQ:PLL | ASX:PLL
NEW YORK, May 7, 2018 /PRNewswire/ — Piedmont Lithium Limited (NASDAQ: PLLL, ASX: PLL)(“Piedmont” or “Company”), a lithium company focused on the development of its Piedmont Lithium Project in North Carolina, is pleased to announce that its American Depositary Receipts (“ADR’s”) have been approved for listing on the Nasdaq Capital Market (“Nasdaq”).
Trading commenced in the U.S. on May 7, 2018 under the ticker symbol “PLLL”. Each ADR represents 100 ordinary shares in the Company. The Company’s ordinary shares will continue to trade on the Australian Stock Exchange under the symbol “PLL”.
The SEC registration and Nasdaq listing process does not include any capital raising. Piedmont had a cash balance of approximately A$12.7 million as of March 31, 2018 and is fully-financed for its 2018 activities.
Keith D. Phillips, President and Chief Executive Officer, commented:
“Nasdaq is one of the world’s premier venues for growth companies, and we expect this listing will provide increased liquidity for current investors and will increase Piedmont’s exposure to institutional and retail investors in the United States.
“The Nasdaq listing comes at an important time in our Company’s evolution, with a maiden Mineral Resource expected next month and a Scoping Study planned for Q3 2018.
“We will now be launching aggressive investor outreach across the United States, anchored by presentations next week at the New York, Chicago and San Francisco Benchmark Minerals Intelligence events co-sponsored by Bloomberg and Deutsche Bank.”
As previously announced, Mr. Jorge M. Beristain has joined the Board of Directors as an Independent Non-Executive Director, effective with the Nasdaq listing, and Mr. Robert Behets has stepped down from his Non-Executive Director position.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities.