Financial Wire

5E Advanced Metals Gains Approval for Voluntarily Australian Delisting

-- 5E Advanced Metals (ASX:5EA) has received approval from the Australian Securities Exchange for a voluntary delisting, according to a Friday filing with the bourse.

The company expects the delisting to occur on May 28 and its CHESS depositary interests, or CDIs, to cease trading from the close of market on May 26.

It will remain listed in the US on the Nasdaq Global Select Market under the ticker symbol "FEAM."

5E Advanced Metals said that as of Feb. 27, only about 4.2% of its common shares were represented by CDIs, and the trading volume of its CDIs on the Australian exchange has also declined compared with the activity on Nasdaq.

The company believes that the obligations and costs of maintaining an Australian listing are no longer in its best interests.

Shares of 5E Advanced Metals were down nearly 22% in recent Friday trade.

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5E Advanced Metals Gains Approval for Voluntarily Australian Delisting | Financial Wire