Lithium miner Snow Lake Resources stock rockets after withdrawing stock offering

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Shares of Snow Lake Resources Ltd. SNOW, -0.22% rocketed 43.5% in premarket trading Friday, after closing the previous session at a record low, after the lithium miner withdrew plans to for a relatively large stock offering. After the stock soared 38.3% on Sept. 23, on the back of the company’s announcement it would work with South Korea-based LG Energy Solutions Ltd. 373220, -3.07% to build a supply chain for the North America electric vehicle market, Snow Lake disclosed plans for a public offering of 10.0 million shares at a price of $3.00 a share. That would’ve raised $30 million for the company, which compares with the company’s market capitalization of $27.8 million at Thursday’s record low closing stock price of $1.56. The stock plunged 50.9% after the offering was announced through Thursday. On Friday, the company filed to withdraw the offering. The stock has tumbled 35.0% over the past three months through Thursday, while the S&P 500 SPX, -1.51% has slipped 3.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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