Tungsten producer Almonty set for Nasdaq debut after upsized $90 million US IPO
Tungsten concentrate producer Almonty Industries AII.TO set to begin trading on Nasdaq on Monday under the ticker “ALM”
ALM raised $90 million in its upsized U.S. IPO by selling 20 million shares at $4.50 apiece
Oppenheimer and Cantor were the joint bookrunners for the offering
Proceeds will be used for development of its Sangdong tungsten oxide facility in South Korea and other purposes
Earlier this year, ALM announced its intention to relocate to the U.S.
Tungsten is a crucial mineral for defense and high-tech applications, including armor-piercing ammunition, missile components, radiation shielding and hypersonic weapons
ALM, which supplies tungsten to the U.S. and its allies, is currently listed on the Toronto Stock Exchange, the Australian Securities Exchange and the Frankfurt Stock Exchange
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