VANCOUVER - American Lithium Corp. (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1), a company engaged in the development of lithium projects in the Americas, has been notified by Nasdaq that it is currently not meeting the minimum bid price requirement. The notice, received on March 8, 2024, states that the company's shares did not maintain the necessary US$1.00 per share minimum closing bid price over the previous thirty business days.
Despite this setback, the trading of American Lithium's common shares on Nasdaq remains unaffected at this time, and the company's operations continue as usual. American Lithium has been granted a 180-day period, ending on September 4, 2024, to regain compliance. During this period, the company must achieve a closing bid price of at least US$1.00 for ten consecutive business days.
If compliance is not regained by the September deadline, American Lithium may be eligible for an additional 180-day period to meet the requirements, subject to certain Nasdaq listing conditions. The company is exploring various strategies to address the issue.
In other news, American Lithium confirmed the conclusion of its previous marketing services engagement with New Era Publishing Inc., which ended on August 31, 2023. During the engagement, New Era coordinated with Raging Bull LLC to publish marketing materials about American Lithium without the company's prior knowledge. There are currently no plans to re-engage New Era for further services.
Regarding its projects, American Lithium continues to focus on the TLC lithium project in Nevada and the Falchani lithium and Macusani uranium projects in Peru. These projects have undergone preliminary economic assessments, indicating significant expansion potential and enjoying strong community support. The company is advancing pre-feasibility studies for TLC and Falchani.
American Lithium is also dealing with ongoing legal proceedings concerning the title to thirty-two of its concessions in Peru, with the Supreme Court of Peru yet to make a final ruling.
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