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Atlas Lithium battery powered metal miner (OTCQB:ATLX) filed to list its shares on Nasdaq and raised about $6 million to help finance the development of a lithium mine in Brazil.
Lithium map says in a profile that it is looking to offer 650,000 shares priced between $8 and $10, which would raise about $6 million if valued at mid-range.
Underwriters will be given a 45-day option to purchase up to 98k additional shares to cover any excess allocation. EF Hutton acts as sole booker.
The company’s shares are currently traded OTC with the symbol ATLX. It applied to put them on Nasdaq under the same logo. Atlas plans to conduct a 1 to 750 reverse stock split prior to the offering.
Headquartered 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 focusing on developing its lithium mining and processing operations in Minas Gerais, Brazil to serve the EV battery industry.
The company is in the development phase. For the nine-month period ended September 30, Atlas reported a net loss of $3 million on revenue of $6k.
Atlas issued an update on Brazil’s lithium mine on Tuesday, announcing that a The third rig has been installed.
