- Lithium Americas Argentina (TSX:LAAC) and a new updated Lithium Americas (TSX:LAC) have completed the reorganization of Lithium Americas into two separate public companies
- As of market open on Wednesday, shares of both companies began trading on the TSX and NYSE
- The separation will enable the companies to pursue independent growth opportunities in the lithium sector
- Shares of Lithium Americas Argentina are down 60.84 per cent from its previous close to C$8.69 as of 11:10 am ET, while shares of Lithium Americas are up 8.14 per cent to $15.27 as of 11:10 am ET
Lithium Americas Argentina (TSX:LAAC) and Lithium Americas (TSX:LAC) have officially launched as two separate public companies by way of a statutory plan of arrangement.
In a joint news release, the companies stated they separately began trading on the TSX and NYSE, while the division will enable each to pursue independent growth opportunities in the lithium sector.
“We look forward to seeing these two market-leading companies thrive independently,” Jonathan Evans, CEO of Lithium Americas, said in a statement. “The separation offers investors two unique and highly focused pure-play lithium companies with world-class assets in our respective regions of operation.”
As of market close on Tuesday, shares of Lithium Americas completed regular-way trading on the TSX and NYSE under the symbol “LAC.” Meanwhile, Lithium Argentina shares and Lithium Americas began trading on a “when-issued” basis on the NYSE.
Lithium Argentina owns a 44.8 per cent interest in the Cauchari-Olaroz project in Jujuy, Argentina, and is focused on bringing the project to production capacity.
Lithium Americas (NewCo) owns the Thacker Pass project in Nevada, which hosts the largest known measured and indicated lithium resource in the United States.
Shares of Lithium Americas Argentina are down 60.84 per cent from its previous close to C$8.69 as of 11:10 am ET, while shares of Lithium Americas are up 8.14 per cent to $15.27 as of 11:10 am ET.
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