Lithium Americas Shares Down in Premarket on Discounted Public Offering Pricing

Dow Jones04-18

By Adriano Marchese

Lithium Americas shares were sharply lower in premarket trading on Thursday after the company priced its $275 million public offering at a discount to recent trading value.

Ahead of the morning bell on Thursday, the stock was trading 22% lower in New York at $5.15.

The Vancouver, British Columbia-based lithium company said that it will offer 55 million of its common shares at a price to $5 apiece, with underwriters granted the right to buy an additional 8.3 million shares.

In the year so far, the stock trading has risen by about 3.6% and closed on Wednesday at $6.63 a share.

The proceeds are expected to be used primarily to advance its Thacker Pass lithium project in Nevada where the company plans to produce an initial 40,000 metric tons a year of battery-grade lithium carbonate.

Earlier in March, the company received a preliminary commitment for $2.26 billion in financing from the U.S. Department of Energy to finance the facilities.

The price tag on the facilities has been steadily creeping higher over the years, and the latest figure for the phase 1 of construction is now estimated to be $2.93 billion, up from a previous cost expectation of $2.27 billion.

Together with the public offering and the loan commitment, Lithium Americas secured an investment of $650 million from General Motors in January of last year, one of the largest investments by an car manufacturer in the battery raw materials space.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 18, 2024 07:20 ET (11:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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trading value...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2428564915","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2428564915","pubTimestamp":1713439200,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Lithium Americas shares were sharply lower in premarket trading on Thursday after the company priced its $275 million public offering at a discount to recent trading value.Ahead of the morning bell on Thursday, 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