- American Pacific Borates (ABR) is targeting a primary US listing on the NASDAQ and will change its name to 5E Advanced Materials, Inc
- All shares held by ABR shareholders will be transferred to 5E in exchange for the issue of 5E Shares or a 5E CHESS Depositary Interest (CDI)
- ABR will relocate to Delaware in the United States and will become a wholly owned subsidiary of 5E
- ABR expects to complete the US listing in late December 2021 or early 2022
- Shares in ABR are down 0.34 per cent at $1.48 at 10:57 am AEST
American Pacific Borates (ABR) is targeting a primary US listing on the NASDAQ and will change its name to 5E Advanced Materials, Inc.
All shares held by ABR shareholders will be transferred to 5E in exchange for the issue of 5E Shares or a 5E CHESS Depositary Interest (CDI).
Following this, 5E will maintain a primary listing on the NASDAQ and a secondary listing on the Australian Stock Exchange (ASX).
ABR will relocate to Delaware in the United States and will become a wholly owned subsidiary of 5E.
As a result, ABR shareholders will either receive one 5E share for every 10 ABR share held or one 5E CDI for every ABR share held.
ABR believes that moving to the US will position the company in a more appropriate market as all of its assets are located there.
The company also believes it will increase the attractiveness of the group to a broader US investor pool.
Initial Directors of 5E will be David Salisbury as Chairman, Henri Tausch as CEO and Managing Director, Aaron Bertolatti as Finance Director and Jimmy Lim as Non Executive Director.
ABR expects to complete the US listing in late December 2021 or early 2022.
Shares in ABR were down 0.34 per cent at $1.48 at 10:57 am AEST.