Arcadium Lithium plummets after announcing merger completion

Allkem

04/01/2024 18:29

** Shares of Arcadium Lithium  ALTM.N  - created by a merger
of U.S. lithium miner Livent and Australia's Allkem - were down
~59% at $6.71 on Thurs after announcing completion of the
all-stock deal
  ** ALTM, previously the trading symbol for Livent, fell as low
as $6.50, is on track for the biggest daily pct gain on record
and lowest level since July 2020
  ** The new combined company will be the third largest producer
of Lithium, with about $1.9 billion in total revenue in 2022 and
more than 2,600 employees, according to a company statement
  ** ALTM's footprint will extend across major Lithium producing
regions in Australia, Argentina and Canada, and will operate
across the supply chain from mining to delivering finished
chemicals to electric vehicle battery makers
  ** ALTM says to have 1,074 million ordinary shares outstanding

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))