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Standard Lithium Ltd. (NYSEAMERICAN: SLI) shares fell 13.73% in after-hours trading Thursday, slipping to $4.65.
Check out the current price of SLI stock here.
The sharp decline followed the company's Thursday announcement of a $120 million underwritten public offering of common stock.
The Vancouver-based lithium company announced plans for the public offering, with Morgan Stanley (NYSE:MS) and Evercore ISI (NYSE:EVR) serving as co-lead book-running managers.
BMO Capital Markets will act as book-running manager for the underwriter syndicate.
Standard Lithium also intends to grant underwriters a 30-day option to buy up to an additional 15% of the offered shares at the same offering price.
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Standard Lithium plans to use the net proceeds from the offering for capital expenditures at its South West Arkansas Project and Franklin Project in East Texas, as well as for working capital and general corporate purposes, according to the company's preliminary prospectus supplement.
The funding plans align with a Definitive Feasibility Study filed on Tuesday by Smackover Lithium, Standard Lithium's joint venture with Equinor (NYSE:EQNR), for the South West Arkansas Project.
The study outlines a target of 22,500 tonnes per year of battery-grade lithium carbonate production, with construction expected to begin in 2026.
The lithium producer has gained 269.18% year-to-date and risen 308.33% over the past six months.
The stock has traded between $1.08 and $6.40 over the past year, with a market capitalization of 1.48 billion CAD and an average daily trading volume of about 4.21 million shares.
Price Action: Standard Lithium Ltd. closed Thursday at $5.39, up 5.27%, according to Benzinga Pro data.
With momentum in the 96th percentile, Benzinga’s Edge Stock Rankings show that SLI has a positive price trend across all time frames. Here's how the stock performs on other key metrics.
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Photo courtesy: Korot Yurii on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
