The transaction involved converting Piedmont stock and CDIs into Sayona shares, following specific ratios and fractional share rounding rules.

Piedmont's stock closed at $7.25 on August 29, 2025, down 8.29%, but saw a slight increase in after-hours trading to $7.32, up 0.97%.

Piedmont Lithium has completed its merger with Sayona Mining Limited, resulting in the formation of a new company called Elevra Lithium, after receiving shareholder approval and satisfying all closing conditions.

This merger creates one of the largest hard-rock lithium platforms globally, with a strong pipeline of projects aimed at meeting the rising demand driven by electric vehicles and energy storage sectors.

Following the merger, Piedmont's stock and CDIs will be delisted from Nasdaq and the ASX, with shareholders receiving 0.35133 American Depositary Shares (ADRs) of Elevra Lithium for each Piedmont share, which represents 527 Sayona shares.

CEO Keith Phillips described the merger as a transformative milestone that expands Elevra Lithium's global reach, enhances its scale, and positions it as a leading supplier for EV and stationary storage markets.

The strategic goal of the combined company is to develop a multi-asset lithium business across the U.S., Quebec, and Ghana, supporting North America's transition to a net-zero energy economy.

Piedmont aims to become one of the largest lithium hydroxide producers in North America, contributing to energy independence and electric transportation development.

Based on Sayona’s August 29, 2025, closing price of A$0.026, the implied ADS price is approximately $25.53 USD, and the implied Piedmont share price is about $8.97 USD.