Piedmont Lithium adjourns special shareholder meeting after quorum shortfall
Nasdaq- and ASX-listed Piedmont Lithium has adjourned its 2025 special meeting of stockholders until August 22 after failing to reach the quorum necessary to proceed with a vote on its proposed merger with Sayona.
Despite garnering overwhelming support among those who voted with 97.77% in favour of the merger, only 47.05% of outstanding shares had been cast by the time of the virtual meeting on August 11. The company confirmed that only 48.50% of eligible shares were present or represented by proxy, falling short of the majority required to meet quorum.
“With 47.05% of the shares outstanding and 97.77% of the votes cast in favour of the proposed merger with Sayona, we have seen meaningful progress and continued strong support for the proposal over the last week,” said Piedmont president and CEO Keith Phillips.
“However, the fact remains that we have not received votes from the majority of the shares outstanding needed to approve the transaction. This merger cannot move forward without shareholder approval, and we urge every shareholder that has not yet voted to do so as soon as possible.”
The meeting is set to reconvene virtually on Friday, August 22, at 11:00 ET. Piedmont said the polls remained open and encouraged common shareholders and holders of CHESS Depositary Interests to cast their votes.
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