Here’s why the Pilbara Minerals (ASX:PLS) share price is frozen

It’s been a boring day for Pilbara Minerals fans.

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businessman in trading halt frozen in ice cube floating on a sea of money

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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 last time Pilbara released news that drove its share price was on 25 June. Then, Pilbara announced it plans to restart its Ngungaju lithium plant.

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.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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