06:35 AM EST, 12/11/2024 (MT Newswires) -- American Lithium ( AMLI ) late on Tuesday said its board of directors has approved the voluntary delisting of its common shares from the Nasdaq Capital Market and the deregistration with the U.S. Securities and Exchange Commission.

The board said it believes the burdens associated with operating as a company listed on the Nasdaq outweigh any advantages. The board considered factors such as the costs of Exchange Act compliance and maintaining a continued listing on Nasdaq, the burden on management involved in preparation of public reports and other requirements, lack of interest and liquidity in the U.S. for American Lithium ( AMLI ) shares, and market conditions.

The delisting will take effect ten days after the company makes a filing with the SEC on or about Dec. 20. The last trading day of the shares will be Dec. 27.

American Lithium ( AMLI ) shares will continue their listing on the TSX Venture Exchange and the Frankfurt Stock Exchange.

American Lithium ( AMLI ) has applied for its shares to be quoted on the OTCQX Markets in the U.S. The company expects to transfer their shares on to the OTCQX Best Market immediately following the delisting from Nasdaq.