Standard Lithium Raises $130M in Public Offering to Boost Projects
Standard Lithium is boosting its capital with a public offering, raising over $130 million, initially planned for $120 million. The company sold nearly 30 million new shares at $4.35 each. Despite a recent stock market dip, the annual performance remains strong, up nearly 270 percent since January.
The offering includes an option for underwriters to buy up to 4.5 million more shares. Proceeds will fuel Standard Lithium's two key projects: the South West Arkansas Project and the Franklin Project in East Texas. The funds will support working capital and general corporate purposes.
The transaction is set to close on October 20, subject to usual approvals. Morgan Stanley and Evercore ISI lead the offering, joined by BMO Capital Markets and other banks. Despite Thursday's after-hours dip to $4.45, the stock had risen 5.27 percent earlier in the day to $5.39.
Standard Lithium's capital increase, despite a temporary stock market setback, positions the company to advance its projects and strengthen its financial footing. The funds will support working capital and general corporate purposes, with the potential to boost the company's growth and sustainability.
