Newly minted Critical Metals Corp, the union of European Lithium Ltd (ASX:EUR, OTCQB:EULIF) and Sizzle Acquisition Corp, has commenced trading on the Nasdaq stock exchange under the ticker CRML as of February 28.
Advancing Wolfsberg
The company is poised to advance the construction and commissioning of the Wolfsberg Lithium Project.
Critical Metals Corp saw its share price close at US$12.38 each on February 29, garnering European Lithium shareholders a valuation of US$839,220,182 or around A$1.3 billion for shares held.
European Lithium is the principal shareholder, holding an 83.03% stake post-transaction, and the new entity inherits the company’s ambitions to become a pivotal supplier in the lithium-ion battery supply chain across Europe.
Indeed, the Wolfsberg Project, Critical Metals’ flagship asset, is set to play a central role in Europe's green energy transition.
Leveraging European assets
As the company forges ahead, its focus remains on leveraging its European assets, including the advancement of the Austrian Lithium Projects and the strategic exploration of its Ukrainian lithium assets, pending political stability.
EUR chair Tony Sage said: “The company is thrilled to announce completion of the transaction that brings Critical Metals to life and supports the future commercialisation of the Wolfsberg Project on Nasdaq.
“I want to extend our gratitude to the many hard-working contributors, Sizzle and EUR shareholders without whom this would not be possible.
“With access to US capital markets and funds raised in the process of the listing, we believe that Critical Metals is well positioned to become a key supplier for the lithium-ion battery supply chain in Europe.
“Critical Metals’ future success as a Nasdaq listed company is also expected to create a significant increase in shareholder value for EUR shareholders.”
The transaction was approved by EUR shareholders on January 20, while Sizzle stockholders approved the deal at a special meeting held on February 22.
Capital raise for Sizzle
Along with the business combination, Sizzle has successfully raised US$10 million from private equity (PIPE) investors, with potential to reach US$20 million upon full exercise of warrants.
This financial infusion is aimed at bolstering Critical Metals' operational capacities, particularly in advancing the Wolfsberg Project.
The successful completion of the transaction and the subsequent Nasdaq listing represent a strategic leap towards enhancing shareholder value and cementing Critical Metals' position in the global lithium market.