Piedmont Lithium Soars After Tesla Metal Supply Deal
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Piedmont Lithium surged more than fourfold on Monday after the company resumed trading, following a deal to supply Tesla Inc. with a lithium raw material.
Piedmont said last week it will supply the automaker with spodumene concentrate from its operations in North Carolina. Its shares, halted since Sept. 17, resumed Monday and immediately soared. The Australian company’s American depositary receipts jumped from $11 to as high as $54.50, before easing back to $45.45 as of 12:59 p.m. in New York, for a 313% gain.