Nouveau Monde announces share consolidation, mulls US listing
Canadian developer Nouveau Monde Graphite on Wednesday announced a consolidation of its outstanding common shares, in preparation for a potential listing on a US stock exchange.
The consolidation, approved by an overwhelming 98% of votes, would be on the basis of one new common share for every ten currently outstanding common shares.
“The agreed share consolidation is a significant step that positions us for the potential US stock exchange listing we have been considering. We believe a US listing would both enhance our global visibility as well as our US presence specifically. In turn, this will benefit our business and shareholder base as we seek to execute on our strategy of becoming the Western World’s largest producer of high-quality anode materials to be used mainly in batteries for electrical vehicles and renewable energy storage,” said chairperson Arne Frandsen.
Nouveau Monde is seeking to develop a fully-integrated source of green battery anode material in Québec. Targeting commercial operations by 2023, the company is developing advanced carbon-neutral graphite-based material solutions for the growing lithium-ion and fuel cell markets.
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