Almonty Industries, listed on the ASX, has announced its plans to seek a listing on the Nasdaq capital market under the ticker code ALM. The company aims to raise funds through a US underwritten public offering to support the development of its tungsten oxide facility and for general operational purposes.
The listing is being facilitated by Oppenheimer & Co and Cantor as joint bookrunners, with D.A. Davidson & Co as the lead manager and Scotiabank as the co-manager for the offering. Once the necessary approvals are obtained, trading of Almonty’s shares on the OTCQX will cease upon commencement of trading on the Nasdaq.
The Nasdaq, based in New York City, is one of the busiest stock exchanges in the US by trading volume. It ranks second globally in terms of market capitalization of shares traded, following the New York Stock Exchange. Almonty’s CEO, Lewis Black, sees the Nasdaq listing as a strategic move to solidify the company’s position as a key tungsten supplier to the US and its allies.
Black highlights the increasing geopolitical tensions globally, emphasizing the potential for sustained demand and pricing strength in the tungsten market. He expresses optimism about the company’s operational progress in the coming months, aiming to deliver long-term value for stakeholders.
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Almonty Industries operates tungsten assets across various countries, including Portugal, South Korea, China, and Spain. By expanding its presence to the Nasdaq, the company aims to enhance its visibility and accessibility to a broader investor base, particularly in the US market.
The move comes at a time when the global mining industry is witnessing increased interest in strategic metals like tungsten, driven by growing demand from industries such as defense, electronics, and aerospace. Tungsten’s unique properties make it a critical component in various high-tech applications, positioning it as a sought-after commodity in the current market landscape.
Industry experts view Almonty’s decision to list on the Nasdaq as a strategic maneuver to capitalize on the growing demand for tungsten and strengthen its foothold in key markets. The company’s diversified portfolio of tungsten assets across different regions provides a solid foundation for future growth and expansion.
As Almonty gears up for its Nasdaq debut, investors and stakeholders are closely watching the developments, anticipating the potential impact on the company’s market performance and positioning within the global tungsten market. The successful listing on the Nasdaq could open up new opportunities for Almonty to attract institutional investors and enhance its market visibility.
With the mining sector evolving rapidly and companies seeking innovative ways to finance their operations and expansion plans, Almonty’s Nasdaq listing represents a significant milestone in its growth trajectory. The company’s strategic focus on tungsten production aligns with the increasing demand for critical minerals, highlighting its commitment to meeting market needs and driving value for shareholders.
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