Sayona Mining (ASX:SYA) and Piedmont Lithium (ASX:PLL) entered into an amendment to their merger plans, according to a Wednesday Australian bourse filing.
The amendment provides for Sayona to seek approval of its shareholders to consolidate its shares at a ratio of 150-to-one.
The updated exchange ratio under the merger will be 3.5133 Sayona shares for each Piedmont Lithium share if the consolidation is effected prior to completion of the merger.
Sayona will also seek the approval of its shareholders to change its name to Elevra Lithium and its ticker on the ASX to "ELV" and the ticker of Sayona's American depositary shares trading on Nasdaq to "ELVR."
One American depositary share to be issued in the transaction will represent 1,500 Sayona shares pre-consolidation or 10 Sayona shares post-consolidation.
Piedmont's shares jumped past 9% in recent trading on Wednesday, while Sayona's shares rose past 2%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.