Why Piedmont Lithium Stock Plunged More Than 23% Today

Shares of Australian -- soon to be American -- mining company Piedmont Lithium (NASDAQ: PLL) were trading down by as much as 23.5% on Wednesday morning after management announced plans to float 1.75 million new American Depositary Shares (ADS) at $70 apiece. As of 12:10 pm. EDT, they were off by 18.3%.

The offering is expected to raise at least $122.5 million in cash that will be used "to continue development of the Company's Piedmont Lithium Project." According to the company, each ADS represents 100 ordinary shares of common stock trading on the Australian market.

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Source Fool.com