Key points
- The American Pacific Borates share price is in the green this morning
- The new board of the renamed 5E Advanced Materials announced
- The company's NASDAQ listing is still on track for February
The American Pacific Borates Ltd (ASX: ABR) share price is in the green today on news of the company's NASDAQ listing and board changes.
Shares in the boron producer are currently trading at $2.79, up 1.45%.
Let's take a look at what this ASX resource explorer announced today.
What did the company announce?
American Pacific announced it expects to list on the NASDAQ Index by February 2022. The company has received an update from the United States Securities and Exchange Commission requesting further information. American Pacific will review the comments and submit an amendment in the next few days.
Shareholder support has been secured for the US listing, however, court approval is also still required. Should the NASDAQ listing go ahead, American Pacific Borates will be renamed 5E Advanced Materials.
In a statement approved by chief executive officer Henri Tausch, the company affirmed it is on track for a NASDAQ listing in February.
Subject to the timing of further SEC comments and court approval, the company continues to target the previously released date of 15 February 2022 as the expected commencement of trading on the Nasdaq.
In further news, the company also updated shareholders on its expected composition of the 5E Advanced Materials Board.
Palvi Mehta takes on the role of non-executive director and will chair the audit committee. She has more than 25 years of global finance experience and currently holds the role of operating partner and chief financial officer at Pioneer Square Labs.
Stephen Hunt will stay on as a non-executive director and chair the compensation committee.
Current company secretary Aaron Bertolatti will not be a director of 5E. However, he will support the transition of the main listing from Australia to the USA. Meanwhile, Chantel Jordan will be the corporate secretary of 5E.
Anthony Hall will move on from executive director of American Pacific to the 5E advisory council where he will join John Mitchell, Govind Arora and Tim Johnston.
Share price snapshot
The American Pacific Borates share price is soaring 54% in the past year and almost 18% in the last month.
In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned 10% to investors in the past year.
The company commands a market capitalisation of roughly $1.2 billion based on the current share price
