The Vulcan Energy Resources Ltd (ASX: VUL) share price is charging ahead today. This follows the company's latest update on its quest to be listed on the Frankfurt Stock Exchange (FSE).
At the time of writing, the clean lithium developer's shares are swapping hands for $9.82, up 7.79%.
Vulcan Energy advances on dual listing application
In today's statement, Vulcan Energy provided an update on its application to have its shares listed on the FSE.
The company advised it has filed an application for admission to listing on the regulated market of the FSE.
As such, Vulcan Energy expects to be formally listed on the German exchange on 14 February.
The dual listing of Vulcan Energy's entire share capital will be carried out without an accompanying capital raise. Vulcan management reviewed options to ensure the business and trading liquidity was supported. It determined that a capital raise was not needed.
As a result, there will be no public offer or private placement of Vulcan shares.
Vulcan Energy will become the first ASX-listed company on the FSE. This not only increases the international profile of the company to European investors but also provides an investment opportunity.
Vulcan Energy is aiming to become the world's first lithium and energy renewables producer with net zero greenhouse gas emissions. It's Zero Carbon Lithium Project is seeking to produce a lithium-hydroxide chemical product for the European electric vehicle (EV) battery market.
Vulcan Energy share price snapshot
Over the past 12 months, Vulcan Energy shares have edged higher, posting a gain of about 16%. Since 4 January, the Vulcan Energy share price has fallen by 9.5% despite investor sentiment heating up in its industry.
Based on today's share price, Vulcan Energy commands a market capitalisation of about $1.19 billion. It has approximately 131.61 million shares on issue.
