ABR Announces Nasdaq Listing and Change of Name
ABR, the Californian, US-based Boron mining company has announced its intention to list on the NASDAQ stock exchange in 2022 with a name change to 5E Advanced Materials, Inc. The company is focused on boric acid, boron specialty products, and advanced materials. Besides global opportunities, there is a huge market on ABR’s doorstep in California and Arizona, the so-called breadbasket of the United States. The NASDAQ listed entity will also support and maintain a secondary listing on the Australian Stock exchange (ASX).
SHAREHOLDERS TO RECEIVE FULL DETAILS IN COMING WEEKS
Given the company is currently listed on the ASX, current shareholders will be sent detailed information via a Scheme Booklet with the terms and arrangements of the transition to the NASDAQ listing in the coming weeks
The listing will be a direct NASDAQ listing. Benefits associated with a direct listing allows the company to list without the need to raise capital This approach also provides unrestricted liquidity to existing shareholders and the company does not concurrently issue securities to public investors to raise capital resource.
The timeline for the US listing is set to be completed in late December 2021 or early 2022 once regulatory and administrative procedures are all in place. At present, details concerning the transfer of assets confirm that holdings can be transferred from ASX CDIs into NASDAQ shares or vice versa.
In a press release made by the company today, 1st October, 2021, the company states the reason for the announcement is due to a decision to transition to a US-based company to provide shareholder upside ”from broader investor exposure for its flagship Fort Cady integrated boron facility located in southern California”.