Business
Here’s why the Piedmont Lithium (ASX:PLL) share price is crashing 17% lower
The Piedmont Lithium Ltd (ASX: PLL) share price is among the worst performers on the All Ordinaries index on Thursday morning.
In early trade the lithium developer’s shares were down as much as 17% to 90.5 cents.
However, despite this decline, the Piedmont Lithium share price is still up a massive 145% since the start of the year.
Why is the Piedmont Lithium share price crashing lower?
Today’s decline appears to be a delayed response to the completion of its US$122.5 million capital raising earlier this week.
Overnight on Wall Street, Piedmont Lithium’s Nasdaq-listed shares fell a sizeable 16.4%.
Capital raising
Piedmont Lithium raised the US$122.5 million at an issue price of US$70.00 per American Depositary Share (ADS),…
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