The Pilbara Minerals Ltd (ASX: PLS) share price has been frozen after the company made an administrative error.
Pilbara Minerals failed to release a cleansing notice within 5 days of issuing shares on 25 June 2021.
It means the Pilbara share price will be sitting pretty at its previous closing price of $1.77 until the ASX opens on Thursday unless the company releases an announcement on the matter before then.
Let’s take a closer look at the lithium and tantalum producer’s trading halt, as well as what the company’s been up to lately.
Pilbara freezes over
The Pilbara share price has been frozen all day today.
According to the company, the trading halt was requested “pending an application to the Supreme Court of Western Australia by the company seeking orders in relation to the company’s inadvertent failure to lodge a cleansing notice”.
As such, the trading halt is far from a transformative announcement.
It’s also a letdown for anyone who was looking at buying or selling off Pilbara shares before the company releases its quarterly activity report on Thursday.
The news saw the Pilbara Minerals share price fall 3.87%.
The restart is estimated to cost the company around $39 million, which it plans to fund using existing cash.
Pilbara Minerals share price snapshot
Pilbara Minerals is having a great year on the ASX.
The company was among one of the best performing ASX 200 mining and resources shares of the 2021 financial year.
Its share price has increased by 103% since the start of 2021. It is also 442% higher than it was this time last year.
The company has a market capitalisation of around $5.1 billion, with approximately 2.9 billion shares outstanding.