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VANCOUVER – American Lithium Corporation (TSX-V:LI | NASDAQ:AMLI | Frankfurt:5LA1), which is engaged in the development of lithium projects in the Americas, has been notified by Nasdaq that it currently does not meet the minimum bid price. requirements. The notice, received on March 8, 2024, states that the company's stock has not maintained the required minimum bid price of US$1.00 per share within the past 30 business days.
Despite this setback, trading of American Lithium's common stock on Nasdaq is currently unaffected and the company's operations continue as usual. American Lithium has 180 days, until September 4, 2024, to regain compliance. During this period, companies must achieve a closing bid price of at least $1.00 in 10 consecutive business days.
If compliance is not restored by the September deadline, American Lithium may be given an additional 180-day period to meet the requirements, subject to certain Nasdaq listing conditions. The company is considering various strategies to address this issue.
In other news, American Lithium confirmed the termination of its previous marketing services agreement with New Era Publishing Inc., which ended on August 31, 2023. During the term of the agreement, New Era worked with Raging Bull LLC to publish marketing materials about American Lithium without a written agreement. Prior knowledge of the company. At this time, we have no plans to re-contract with New Era for further services.
In terms of projects, American Lithium remains focused on the TLC lithium project in Nevada and the Falchani lithium and Maksani uranium projects in Peru. These projects have undergone preliminary economic evaluation, show significant expansion potential, and have strong support from the community. The company is conducting pre-feasibility studies for TLC and Falchani.
American Lithium also has ongoing legal proceedings over ownership of 32 concessions in Peru, with the Peruvian Supreme Court yet to issue a final ruling.
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