Battery metals miner Atlas Lithium files to uplist to Nasdaq, raise $6M
Battery metals miner Atlas Lithium (OTCQB:ATLX) has filed to uplist its shares to Nasdaq and raise around $6M to help fund development of a lithium mine in Brazil.
Lithium Atlas said in a filing that it is looking to offer 650K shares priced between $8 and $10, which would raise around $6M if priced at the midpoint.
Underwriters would be granted a 45-day option to buy up to 98K additional shares to cover any over-allotments. EF Hutton is serving as sole bookrunner.
The company's shares are currently traded OTC under the symbol ATLX. It has applied to uplist them to Nasdaq under the same symbol. Atlas intends to conduct a 1-for-750 reverse stock split ahead of the offering.
Based in California, Atlas is engaged in the exploration and mining of battery metals such as nickel, rare earths, graphite and titanium. The company is currently focused on developing a lithium mining and processing operation in Minas Gerais, Brazil to serve the EV battery industry.
The company is in the development stage. For the nine-month period ended Sept. 30, Atlas reported a net loss of $3M with revenue of $6K.
Atlas issued an update on the Brazilian lithium mine on Tuesday, announcing that a third drilling rig had been installed.