Snow Lake Lithium ANN, page-253

Snowlake shares slid on Monday after the company disclosed plans for a public offering of 10 M shares and said it received a notice of noncompliance from Nasdaq

Seeking Alpha:

Snowlake Lithium plunges after Nasdaq compliance warning.

Sep. 26, 2022

Snow Lake Lithium (NASDAQ:LITM) -24.2% in Monday's trading after disclosing late Friday it received a letter from Nasdaq saying the company is no longer in compliance with Nasdaq's audit committee requirement due to the removal of Nachum Labkowski from the company's audit committee earlier this month.

Labkowski, who was also removed as a member of the nominating and corporate governance committee, remains as an independent director on the company's board.

Snow Lake (LITM) is entitled to a cure period to regain compliance, which will expire on the earlier of the company's next annual shareholders' meeting or September 7.

Snow Lake (LITM) also said it plans a common stock offering of 10M shares at US$3.00/share, according to an SEC filing, and granted the underwriters an option to purchase as much as 1.5M additional shares.

The company expects to use the proceeds for resource development activities, technical studies, working capital and general corporate purposes.

Snow Lake (LITM) shares soared last Friday after announcing an MoU with Korean battery maker LG Energy Solution to supply lithium hydroxide for 10 years.

https://seekingalpha.com/news/3886060-snow-lake-lithium-plunges-after-nasdaq-compliance-warning