Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLLL) last night commenced trading of its American Depositary Receipts (ADRs) on the Nasdaq Capital Market.
Each ADR represents 100 ordinary shares in the company, which last traded on the ASX at 15.5 cents per share.
The Nasdaq listing did not involve a capital raising and the company remains fully financed for its 2018 activities.
It had $12.7 million in cash at the end of the March quarter.
READ: Piedmont Lithium has multiple share price drivers emerging as it works towards September scoping study
Piedmont’s president and CEO Keith D. Phillips said: “Nasdaq is one of the world’s premier venues for growth companies, and we expect this listing will provide increased liquidity for current investors and will increase Piedmont’s exposure to institutional and retail investors in the United States.
“The Nasdaq listing comes at an important time in our company’s evolution, with a maiden Mineral Resource expected next month and a scoping study planned for Q3 2018.
“We will now be launching aggressive investor outreach across the United States, anchored by presentations next week at the New York, Chicago and San Francisco Benchmark Minerals Intelligence events co-sponsored by Bloomberg and Deutsche Bank.”
Nasdaq has three market tiers
The Nasdaq is comprised of three market tiers:
• The Nasdaq Global Select Market;
• The Nasdaq Global Market (formerly the Nasdaq National Market); and
• The Nasdaq Capital Market (formerly the Nasdaq SmallCap Market).
For a company to trade on the Nasdaq, it must meet the listing requirements of at least one of three market tiers.