Overview
- The company priced 29,885,057 new shares at $4.35 each for gross proceeds of about $130 million and granted underwriters an option for 4,482,758 additional shares.
- The deal is led by Morgan Stanley and Evercore ISI and is expected to close on or about Oct. 20.
- Shares fell about 23% to $4.15 on Oct. 17, according to Benzinga Pro data.
- Net proceeds are earmarked for capital expenditures at the South West Arkansas Project and the Franklin Project in East Texas, as well as working capital and general corporate purposes.
- A definitive feasibility study filed Oct. 14 for South West Arkansas outlines 22,500 tonnes per year over a 20-year life and estimates a 34‑month build to first operations; the project is being developed with Equinor, with Standard Lithium holding a 55% stake.