Lithium miner Snow Lake Resources stock rockets after withdrawing stock offering
Shares of Snow Lake Resources Ltd.
SNOW,
rocketed 43.5% in premarket trading Friday, after closing the previous session at a record low, after the lithium miner withdrew plans to for a relatively large stock offering. After the stock soared 38.3% on Sept. 23, on the back of the company’s announcement it would work with South Korea-based LG Energy Solutions Ltd.
373220,
to build a supply chain for the North America electric vehicle market, Snow Lake disclosed plans for a public offering of 10.0 million shares at a price of $3.00 a share. That would’ve raised $30 million for the company, which compares with the company’s market capitalization of $27.8 million at Thursday’s record low closing stock price of $1.56. The stock plunged 50.9% after the offering was announced through Thursday. On Friday, the company filed to withdraw the offering. The stock has tumbled 35.0% over the past three months through Thursday, while the S&P 500
SPX,
has slipped 3.8%.
