IPOS - JPMorgan Lowers Piedmont Lithium Price Target; This IPO Is Oversubscribed; Nexa Reports Results; Compass Refocuses | Benzinga
1. JPMorgan Chase analyst Bill Peterson maintained a Neutral rating on Piedmont Lithium Inc. (NASDAQ: PLL) and lowered his price target from $25 to $15.
2. Metals Acquisition Limited (NYSE: MTAL) announced its initial public offering of CHESS depository interests in Australia was oversubscribed, receiving strong demand from both new investors and existing institutional shareholders.
Due to the higher demand, the company determined that the proceeds raised will be upsized by A$25 million (~$16.44 million) to A$325 million (~$214 million), and the final price of the offer is set at A$17.00 (~$11.18) per CHESS depository interest.
The CHESS depository interests are expected to begin trading on February 20, 2024, and the proceeds will partly be used to repay Glencore Plc’s (LSX: GLEN) deferred consideration facility related to the acquisition of the CSA Copper Mine in New South Wales, Australia.
The funds will also ...