Globe & Mail 08:40 AM EDT, 03/24/2021 (MT Newswires) -- Nouveau Monde Graphite Inc. (NOU.V), which lost 6.8% in Canada yesterday, earlier on Wednesday said it is implementing a consolidation of its outstanding common shares on the basis of one new common share for every 10 currently outstanding common shares.
The consolidation of shares was implemented in connection with the company's previously announced evaluation of an additional listing of its common shares on a U.S. stock exchange, following the approval of its shareholders by a majority of 98.43%, according to a news release.
The consolidation took effect on March 24, and the common shares are expected to commence trading on the TSX Venture Exchange on a post-consolidation basis beginning at the open of markets on or about March 31.
Immediately before the consolidation, there were about 370.6 million common shares issued and outstanding, and it is expected that there will be about 37.1 million common shares issued and outstanding following the consolidation, subject to rounding for any fractional shares.
"We believe a U.S. listing would both enhance our global visibility as well as our U.S presence specifically," Arne H Frandsen, chairman of Nouveau Monde, said in a statement. "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."
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