- American Pacific Borates (ABR) further progresses its listing on Nasdaq exchange, expected in early 2022
- The company has strengthened its balance sheet by $37 million last week, this funding ensures ABR is fully financed to complete all proposed activities in 2022
- ABR shares will continue to trade on the ASX throughout December and as close to the Nasdaq listing as possible at which they will be converted into 5E Advanced Materials
- On the market today, ABR is down 4.62 per cent and trading at $2.27 per share
American Pacific Borates (ABR) has further progressed its listing on Nasdaq exchange, expected in early 2022.
The company has strengthened its balance sheet by $37 million last week, this funding ensures ABR is fully financed to complete all proposed activities in 2022.
Some of the funds will be used to advance engineering work, complete a Bankable Feasibility Study and pursue construction of the Fort Cady Integrated Boron Facility in Southern California, USA.
ABR announced its plans to list on the US listing in mid-December last year.
Recently, the company said the secondary listing will be undertaken through a direct listing on the Nasdaq, under which 5E Advanced Materials will purchase ABR and ABR would change its name to 5E Advanced Materials.
ABR shares will continue to trade on the ASX throughout December and as close to the Nasdaq listing as possible at which they will be converted into 5E Advanced Materials.
Commenting on the progress, CEO Henri Tausch said there are many positive workstreams that are converging to support the US listing.
“We have a deliberate strategy in place that we believe will support a value-driven market cap re-rating as we position ourselves in a market with more obvious peers and a substantially larger pool of capital targeting investment opportunities in future facing commodities that support global decarbonisation and broader ESG ambitions,” he said.
On the market today, ABR was down 4.62 per cent and is trading at $2.27 per share at 11:53 am AEDT.