Australia's Sayona Mining and US-based Piedmont Lithium are nearing the completion of their proposed merger, a transaction that would create a new global lithium player, Elevra Lithium, with an even 50:50 ownership split between shareholders of the two companies.

Sayona said on Wednesday that the companies had cleared major regulatory hurdles, with approvals under the Investment Canada Act, the US Hart-Scott-Rodino Act, and from the Committee on Foreign Investment in the US all now secured.

The transaction, first announced in November 2024, is slated to close in mid-2025, pending shareholder approval and other customary conditions.

As part of the merger, Sayona shareholders will be asked to vote at an upcoming extraordinary general meeting expected in the first half of 2025. Among the resolutions on the table are approval of the transaction, a conditional placement to Resource Capital Fund VIII for A$69-million at A$0.032 a share, a share consolidation at a 150-to-1 ratio, and a name change to Elevra Lithium.

The merger will also pave the way for a Nasdaq listing through American Depositary Shares (ADS), which will represent Sayona shares at a post-consolidation ratio of 10:1. Based on Sayona’s closing price of A$0.017 and the AUD/USD exchange rate of 0.64 on April 22, the post-consolidation share price will be about A$2.55, with indicative ADS pricing around $16.32.

Sayona CEO Lucas Dow described the merger as “an exciting new chapter” for both companies and the lithium sector. “We are confident that Elevra Lithium will emerge as a leader in the sector, well-positioned to contribute to the global energy transition,” he said.

“I encourage all stakeholders to support the merger ensuring that we capitalise on the significant opportunities ahead.”

The share consolidation is expected to proceed whether or not the transaction is completed. Sayona said it is designed to align the company’s capital structure with investor expectations and to support broader institutional interest.