Almonty debuts on Nasdaq with $90m listing
Tungsten company Almonty Industries has priced a $90-million upsized and oversubscribed US public offering as it begins trading on the Nasdaq Capital Market under the ticker “ALM”.
The Toronto-based company is offering 20-million common shares at $4.50 a share, with a 30-day over-allotment option for underwriters to purchase an additional three-million shares. Oppenheimer & Co. and Cantor are acting as joint bookrunners, joined by D.A. Davidson and Scotiabank as lead and co-managers, respectively.
“We are pleased to announce the pricing of our oversubscribed public offering, which concurrently marks our uplisting to the Nasdaq,” said CEO Lewis Black.
“Our US listing also reflects our emerging status as America’s tungsten supplier, further supported by our ongoing redomiciling initiatives.”
Shares began trading today on the Nasdaq following a trading halt on the OTCQX market on July 11. The company’s shares remain listed on the TSX under the symbol “AII” and on the ASX as “AiiDA”, as well as on the Frankfurt Stock Exchange.
Proceeds from the offering will primarily support the development of Almonty’s Sangdong tungsten oxide facility in South Korea – one of the largest tungsten projects outside China – and will also be used for general corporate purposes and working capital.
“The capital from this offering funds the development of our Sangdong tungsten oxide facility, enabling Almonty to continue to rise in prominence as a leading supplier of tungsten for the defence needs of the US and its allies,” Black added.
The offering is expected to close on or around July 15, subject to standard regulatory approvals and the continued listing of shares on the TSX.
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