ASX- and Nasdaq-listed Sayona Mining has completed its merger with Piedmont Lithium.

The transaction was finalised on August 29 in the US (August 30 in Australia), following shareholder approvals earlier this year. Under the terms of the deal, a newly formed US subsidiary of Sayona merged with Piedmont, resulting in Sayona shareholders and Piedmont stockholders each holding about 50% of the combined entity on an undiluted basis.

Piedmont Chess Depository Instrument (CDI) holders will receive Sayona shares at a ratio of 5.27 shares for each Piedmont CDI, while holders of Piedmont common stock will receive 0.35133 Sayona American depositary shares (ADSs), equating to 527 Sayona shares for each Piedmont share. The ADSs will trade on the Nasdaq under the ticker symbol ELVR.

Sayona said its Australian shares would continue trading as SYA until late September, when, subject to approval by the Australian Securities and Investments Commission, the company would change its name to Elevra Lithium and trade on the ASX under ticker ELV.

“Today marks a defining milestone in our company’s journey as we complete the merger with Piedmont Lithium. By uniting two complementary businesses, we have created a stronger, globally significant lithium company with the scale, resources, and partnerships to lead in the energy transition,” said CEO and MD Lucas Dow.

“This merger is not just about combining assets, it is about unlocking synergies, strengthening our market position, and delivering long-term value for our shareholders, stakeholders, and communities. I am incredibly proud of what our teams have achieved to reach this point and excited about the opportunities ahead as we move forward together as Elevra Lithium,” he added.

Following completion, several board changes have taken effect. Dawne Hickton has joined as a nonexecutive director and chairperson designate, while Christina Alvord, Jeff Armstrong and Jorge M. Beristain have also been appointed as nonexecutive directors. James Brown will move from executive director to nonexecutive director.

Meanwhile, Paul Crawford and Philip Lucas have stepped down from the board. Dow will remain MD and CEO, with Allan Buckler and Laurie Lefcourt continuing as nonexecutive directors.