Piedmont Lithium, Sayona Mining announce amendments to merger agreement

Piedmont Lithium (PLL) and Sayona Mining provide an update in relation to the proposed merger between Piedmont and Sayona announced on November 19, 2024 that will combine the two companies to create a leading lithium business. Piedmont and Sayona entered into an amendment to the agreement and plan of merger governing the Transaction. The Amendment provides for, among other things, the following: Sayona seeking Sayona shareholder approval for a reverse stock split to consolidate Sayona’s shares at a ratio of 1-for-150 and, subject to being approved by shareholders, the implementation of the consolidation prior to completion of the Transaction; an updated exchange ratio of 3.5133 Sayona shares for each Piedmont Lithium ordinary share if the consolidation is approved by Sayona shareholders and effected prior to completion; that each Sayona American Depository Share issued in the Transaction will represent 1,500 Sayona shares pre-share consolidation or 10 Sayona shares post-share consolidation; Sayona seeking Sayona shareholder approval to change the name of the combined company to Elevra Lithium Limited, the ticker symbol on the ASX to “ELV” and the ticker symbol for the ADSs on the Nasdaq to “ELVR”; Sayona seeking ratification by Sayona’s shareholders of the issuance of 1.25 billion Sayona shares in the equity financing completed in November 2024 following the signing of the merger agreement for the Transaction; Sayona seeking the approval of Sayona’s shareholders to increase the total maximum aggregate Directors’ fees payable to Non-Executive Directors after completion of the Transaction to reflect the larger Board composition.”