US Share Offering

Issued 2M shares vs. original plan of 1.5M - That's a good sign of high demand in the US. Pricing was $25 which should put a floor in the share price. The price represents a 14% discount to last closing price, which seems reasonable given the volatility of the shares and within ranges of other offerings. Also worth noting that buyers stepped in big in the low/mid $20 range in late Sept/early October that launch the stock higher. So not surprising to see this is a large buying point. My guess is the stock takes on initial pressure from offering, but eventually starts to move higher as this "overhang" is now behind them. Just a guess.....

NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Limited (“Piedmont” or the “Company”) (NasdaqLL; ASXLL) today announced the pricing of an underwritten public offering of 2.0 million of its American Depositary Shares (“ADSs”), each representing 100 of its ordinary shares (“Public Offering”), at a price per ADS to the public of $25.00, for aggregate gross proceeds of $50 million. Piedmont has granted the underwriters a 30-day option to purchase up to additional 300,000 ADSs at the issue price of the Public Offering. The Public Offering is expected to close on October 23, 2020, subject to customary closing conditions.Evercore ISI, Canaccord Genuity and ThinkEquity, a division of Fordham Financial Management, Inc., are acting as joint book-runners for the Public Offering. Loop Capital Markets and Roth Capital Partners are acting as co-managers for the Public Offering.Proceeds from the offering will be used to continue development of the Company’s Piedmont Lithium Project, including a definitive feasibility study, testwork, permitting, further exploration drilling and ongoing land consolidation, and for general corporate purposes.

https://www.businesswire.com/news/home/20201021006047/en/Piedmont-Announces-Pricing-of-Public-Offering-of-American-Depositary-Shares/