Lithium Americas (TSX: LAC) is anticipating it will complete the separation of its businesses next week. The firm is anticipating October 3 to be the official date of separation, with new symbols to be assigned to the company as of Monday on the NYSE.
Regular trading of the separated companies is anticipated to begin on October 4 for Lithium Americas (NewCo) and Lithium Argentina on both the TSX and NYSE. In the interim, “when issued” public markets will begin on Monday on the NYSE for the two firms, with Lithium Argentina shares to trade under “LAAC WI” while Lithium Americas (NewCo) will trade under “LAC WI”.
No “when issued” shares are to trade on the TSX. Post closing of the separation, Lithium Americas (NewCo) will trade under the symbol “LAC”, while Lithium Argentina will trade under the symbol “LAAC”.
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Under the terms of the separation agreement, current holders of Lithium Americas will receive one share of Lithium Argentina and one share of Lithium Americas (NewCo). Each company is expected to have approximately 160.0 million outstanding shares at the close of the transaction.
Lithium Americas last traded at $23.15 on the TSX.
Information for this briefing was found via Edgar, Bloomberg, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
