American Lithium Announces Intention to Voluntarily Delist Its Common Shares From Nasdaq Capital Market
American Lithium Corp. (AMLI) has announced its intention to voluntarily delist its common shares from the Nasdaq Capital Market. The last trading day on Nasdaq will be December 27, 2024. The company will maintain its listings on the TSX Venture Exchange and Frankfurt Stock Exchange, and plans to transfer to the OTCQX Best® Market immediately after delisting.
The Board's decision was based on several factors, including high compliance costs, regulatory burden, benefits from SEC reporting status, and current market conditions. The company cited ongoing costs such as insurance premiums, audit fees, and regulatory fees as disproportionately impacting operations. The shares will continue trading on alternative exchanges, and the company will maintain shareholder communication while reducing regulatory obligations.
American Lithium Corp. (AMLI) ha annunciato la sua intenzione di ritirare volontariamente le proprie azioni ordinarie dal Nasdaq Capital Market. L'ultimo giorno di contrattazione su Nasdaq sarà il 27 dicembre 2024. L'azienda manterrà le proprie quotazioni sul TSX Venture Exchange e sulla Frankfurt Stock Exchange e prevede di trasferirsi immediatamente al mercato OTCQX Best® dopo il delisting.
La decisione del Consiglio è stata basata su diversi fattori, tra cui gli elevati costi di compliance, l'onere normativo, i benefici derivanti dallo status di reporting della SEC e le attuali condizioni di mercato. L'azienda ha citato costi ricorrenti come i premi assicurativi, le spese di audit e le spese normative come impatti sproporzionati sulle operazioni. Le azioni continueranno a essere negoziate su mercati alternativi e l'azienda manterrà la comunicazione con gli azionisti riducendo al contempo gli obblighi normativi.
American Lithium Corp. (AMLI) ha anunciado su intención de retirar voluntariamente sus acciones ordinarias del Nasdaq Capital Market. El último día de cotización en Nasdaq será el 27 de diciembre de 2024. La compañía mantendrá sus cotizaciones en el TSX Venture Exchange y en la Frankfurt Stock Exchange, y planea transferirse al mercado OTCQX Best® inmediatamente después del delisting.
La decisión de la Junta se basó en varios factores, incluidos los altos costos de cumplimiento, la carga regulatoria, los beneficios del estatus de reporte a la SEC y las actuales condiciones del mercado. La compañía citó costos continuos como las primas de seguros, los honorarios de auditoría y las tasas regulatorias como impactos desproporcionados en las operaciones. Las acciones continuarán cotizándose en intercambios alternativos y la compañía mantendrá la comunicación con los accionistas mientras reduce las obligaciones regulatorias.
American Lithium Corp. (AMLI)는 나스닥 자본 시장에서 보통주를 자발적으로 상장 폐지할 의사를 발표했습니다. 나스닥에서의 마지막 거래일은 2024년 12월 27일입니다. 회사는 TSX 벤처 거래소 및 프랑크푸르트 증권 거래소에서의 상장 유지하며, 상장 폐지 후 즉시 OTCQX Best® 시장으로 이전할 계획입니다.
이 이사회 결정은 높은 준수 비용, 규제 부담, SEC 보고 상태의 이점, 현재 시장 조건 등 여러 요인을 기반으로 하였습니다. 회사는 보험료, 감사 수수료, 규제 수수료와 같은 지속적인 비용이 운영에 불균형적으로 영향을 미친다고 언급했습니다. 주식은 대체 거래소에서 계속 거래되며 회사는 규제 의무를 줄이면서 주주 소통을 유지할 것입니다.
American Lithium Corp. (AMLI) a annoncé son intention de retirer volontairement ses actions ordinaires du marché Nasdaq Capital. Le dernier jour de cotation sur le Nasdaq sera le 27 décembre 2024. L'entreprise maintiendra ses cotations sur le TSX Venture Exchange et la Bourse de Francfort, et prévoit de se transférer immédiatement au marché OTCQX Best® après le retrait.
La décision du Conseil d'administration a été fondée sur plusieurs facteurs, notamment les coûts élevés de conformité, le fardeau réglementaire, les avantages du statut de reporting auprès de la SEC et les conditions actuelles du marché. L'entreprise a cité des coûts récurrents tels que les primes d'assurance, les frais d'audit et les frais réglementaires comme ayant un impact disproportionné sur les opérations. Les actions continueront à être négociées sur des bourses alternatives et l'entreprise maintiendra la communication avec les actionnaires tout en réduisant les obligations réglementaires.
American Lithium Corp. (AMLI) hat die Absicht bekannt gegeben, ihre Stammaktien freiwillig vom Nasdaq Capital Market abzuziehen. Der letzte Handelstag am Nasdaq wird der 27. Dezember 2024 sein. Das Unternehmen wird seine Notierungen an der TSX Venture Exchange und der Frankfurter Wertpapierbörse beibehalten und plant, sofort nach der Delisting in den OTCQX Best® Markt zu wechseln.
Die Entscheidung des Vorstands basierte auf mehreren Faktoren, darunter hohe Compliance-Kosten, regulatorische Belastungen, Vorteile aus dem SEC-Berichtswesen und die aktuellen Marktbedingungen. Das Unternehmen nannte laufende Kosten wie Versicherungsprämien, Prüfungsgebühren und regulatorische Gebühren als überproportionalen Einfluss auf die Betriebsabläufe. Die Aktien werden weiterhin an alternativen Börsen gehandelt, und das Unternehmen wird die Kommunikation mit den Aktionären aufrechterhalten, während es die regulatorischen Verpflichtungen reduziert.
- Potential cost reduction through elimination of Nasdaq listing and SEC reporting expenses
- Maintaining trading accessibility through TSX-V, Frankfurt, and planned OTCQX listing
- Reduction in administrative burden and regulatory compliance requirements
- Loss of Nasdaq listing status may reduce U.S. investor visibility and access
- Potential decrease in trading liquidity for U.S. investors
- Indication of company's challenges with market conditions and low share price
- Unable to effectively raise capital in U.S. markets due to current conditions
Insights
VANCOUVER, British Columbia, Dec. 10, 2024 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is announcing that its Board of Directors has approved the voluntary delisting of its common shares (“American Lithium Shares”) from the Nasdaq Capital Market (“Nasdaq”) and the deregistration with the U.S. Securities and Exchange Commission (the “SEC”). American Lithium has notified Nasdaq of its intention to voluntarily delist the American Lithium Shares. The Company currently anticipates that it will file with the SEC a Form 25, Notification of Removal of Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to the delisting and deregistration on or about December 20, 2024, with the delisting of American Lithium Shares taking effect ten calendar days thereafter. As a result, the last trading day of the American Lithium Shares on the Nasdaq Capital Market will be December 27, 2024.
The American Lithium Shares will continue their listing on the TSX Venture Exchange and the Frankfurt Stock Exchange. In addition, American Lithium has applied for the American Lithium Shares to be quoted on the OTCQX Markets in the United States, operated by OTC Markets Group Inc. The Company anticipates transferring their shares on to the OTCQX Best® Market immediately following the Nasdaq delist. American Lithium will continue to provide information to its shareholders and take such actions to enable a trading market in the American Lithium Shares to exist in the United States.
Following satisfaction of the relevant deregistration conditions under the applicable U.S. federal securities laws, the Form 25 will also terminate the Company’s reporting obligations under the Exchange Act. The Company expects that its reporting obligations will be suspended upon filing of the Form 25.
The Board of Directors of the Company believes that the decision to delist the American Lithium Shares from Nasdaq and to terminate its reporting obligations under the Exchange Act is in the best interest of the Company and its shareholders. The Board has determined that the burdens associated with operating as a company listed on the Nasdaq outweigh any advantages to the Company and its shareholders at this time. The Board’s decision was based on careful review of numerous factors, including the following:
- the ongoing direct and indirect costs of Exchange Act compliance and maintaining a continued listing of the American Lithium Shares on Nasdaq, including director and officer insurance premiums, audit fees, legal fees and regulatory fees, and the disproportionate impact of the foregoing costs on the Company’s results of operations;
- the significant burden on Management involved in the preparation of the Company’s public reports, shorter public reporting deadlines in Canada, and compliance with accounting and other requirements of the Exchange Act;
- the limited benefits to the Company and its unaffiliated shareholders from the Company’s status as a SEC reporting issuer in light of, among other things, the fact that due to market conditions, the low share price, market capitalization, lack of institutional interest and liquidity in the United States for the American Lithium Shares;
- the Company is not currently in a position to use its public Company status to issue meaningful amounts of equity securities in the United States or make acquisitions due to market conditions; and
- the opposition by many large shareholders to a share capital consolidation.
American Lithium reserves the right, for any reason, to delay any of the filings described above, to withdraw them prior to effectiveness, and to otherwise change its plans in respect of delisting and deregistration and termination of its reporting obligations under applicable U.S. federal securities laws in any way. Completion of any listing on the OTCQX Markets remains subject to the satisfaction of customary listing conditions and regulatory approval, and there can be no assurance that the American Lithium Shares will be listed for trading on the OTCQX Markets.
About American Lithium
American Lithium is developing two of the world’s largest, advanced-stage lithium projects, along with the largest undeveloped uranium project in Latin America. They include the TLC claystone lithium project in Nevada, the Falchani hard rock lithium project and the Macusani uranium deposit, both in southern Peru. All three projects have been through robust preliminary economic assessments, exhibit significant expansion potential and enjoy strong community support.
For more information, please contact the Company at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com.
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On behalf of the Board of Directors of American Lithium Corp.
“Alex Tsakumis”
Interim CEO
Tel: 604 428 6128
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the business plans, expectations and objectives of American Lithium; the voluntary delisting of the American Lithium Shares from the Nasdaq Capital Market; the deregistration with the SEC; the quotation on the OTC Markets in the United States; and continued listing on the TSX Venture Exchange. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend", “indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”, “efforts”, “option” and similar words, or the negative connotations thereof, referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management and are not, and cannot be, a guarantee of future results or events. Although American Lithium believes that the current opinions and expectations reflected in such forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on forward-looking statements since American Lithium can provide no assurance that such opinions and expectations will prove to be correct. All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks, uncertainties and assumptions related to: American Lithium’s ability to achieve its stated goals, which could have a material adverse impact on many aspects of American Lithium’s businesses including but not limited to: the ability to access mineral properties for indeterminate amounts of time, the health of the employees or consultants resulting in delays or diminished capacity, social or political instability in Peru which in turn could impact American Lithium’s ability to maintain the continuity of its business operating requirements, may result in the reduced availability or failures of various local administration and critical infrastructure, reduced demand for the American Lithium’s potential products, availability of materials, global travel restrictions, and the availability of insurance and the associated costs; the ongoing ability to work cooperatively with stakeholders, including but not limited to local communities and all levels of government; the potential for delays in exploration or development activities; the interpretation of drill results, the geology, grade and continuity of mineral deposits; the possibility that any future exploration, development or mining results will not be consistent with our expectations; risks that permits will not be obtained as planned or delays in obtaining permits; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages, strikes and loss of personnel) or other unanticipated difficulties with or interruptions in exploration and development; risks related to commodity price and foreign exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which American Lithium operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment and the effects upon the global market generally, any of which could continue to negatively affect global financial markets, including the trading price of American Lithium’s shares and could negatively affect American Lithium’s ability to raise capital and may also result in additional and unknown risks or liabilities to American Lithium. Other risks and uncertainties related to prospects, properties and business strategy of American Lithium are identified in the “Risk Factors” section of American Lithium’s Management’s Discussion and Analysis filed on October 15, 2024, and in recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements. American Lithium undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
Cautionary Note Regarding 32 Concessions
Thirty-two of the one-hundred-seventy-four concessions comprising the Falchani and Macusani Projects are currently subject to Administrative and Judicial processes in Peru to overturn resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared title to thirty-two concessions invalid due to late receipt of the annual validity payments. On November 2, 2021, American Lithium was awarded a favorable ruling in regard to title to the concessions, but on November 26, 2021, appeals of the judicial ruling were lodged by INGEMMET and MINEM. A three-judge tribunal of Peru’s Superior Court unanimously upheld the ruling in a decision reported in November 2023. American Lithium was subsequently notified that INGEMMET and MINEM have filed petitions to the Supreme Court of Peru to assume jurisdiction in the proceedings. Given the precedent of the original ruling it is hoped that the Supreme Court will not assume jurisdiction; however, there is no assurance of the outcome at this time.
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