The Neometals Ltd (ASX: NMT) share price soared today amid the company listing on the London Stock Exchange.
The company’s shares closed at $1.47 on the ASX today, a 9.7% gain. In contrast, the S&P/ASX 200 Index (ASX: XJO) gained 0.67% today.
Let’s take a look at what is happening at the company.
New London listing
The Neometals share price rocketed on Tuesday. This came after the company informed investors it has started trading on the Alternative Investment Market (AIM) of the London Stock Exchange. AIM is London’s market for small and medium growth companies.
The sustainable and advanced materials project developer will continue to trade on the ASX. The UK listing is aimed at taking advantage of “substantial” UK and European investor interest in Neometals. The share listing did not involve a capital raise.
Neometals Ltd (LON: NMT) is trading at 72.94 pence on the London Stock Exchange. The share price surged 4.2% on its first day of trading in the UK.
Neometals chief executive officer Chris Reed said the company is delighted to commence trading on AIM. He added.
With this listing, we look forward to broadening our shareholder base by offering a differentiated investment opportunity and provide UK and European investors with a way to gain exposure to projects at the heart of recycling and decarbonising supply chains associated with the electric vehicle and energy storage sectors.
With a number of our core projects moving towards final investment decisions during 2022, we have an exciting year, full of value transformative events ahead of us and we look forward to updating shareholders on progress in due course.
In late January, Neometals provided an update on the December quarter. The company ended the quarter with $72.8 million of cash and no debt.
Neometals share price
The Neometals share price has exploded 362% in the past year, while it is up 3% this year to date.
For perspective, the benchmark ASX 200 has returned about 4.52% over the past year. In the past month, Neometals shares have gained 12%, while in the past week they have jumped nearly 13%.
Neometals has a market capitalisation of about $806 million.
The post Neometals (ASX:NMT) share price surges 10% amid dual listing appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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