PHILADELPHIA, June 9, 2021 /PRNewswire/ -- Livent Corporation
(NYSE: LTHM) ("Livent" or the "Company"), today announced that it
has commenced an underwritten public offering of 12,500,000 shares
of its common stock, $0.001 par value
("Common Stock"). In addition, Livent expects to grant the
underwriters a 30-day option to purchase up to an additional
1,875,000 shares of Common Stock.
Livent intends to use the net proceeds from the offering,
including any net proceeds from the underwriters' exercise of their
option to purchase additional shares of Common Stock, primarily for
growth capital expenditures, including lithium capacity expansion,
and for general corporate purposes and to repay amounts outstanding
under its revolving credit facility.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will
act as joint book-running managers and representatives of the
underwriters in connection with the offering. The shares of
Common Stock are being offered and sold pursuant to an effective
shelf registration statement on Form S-3 previously filed with the
U.S. Securities and Exchange Commission (the "SEC"). The
offering will be made only by means of a preliminary prospectus
supplement and the accompanying base prospectus, which may be
obtained free of charge on the SEC's website at www.sec.gov or by
sending a request to Goldman Sachs & Co. LLC, Prospectus
Department, 200 West Street, New York,
NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316
or by emailing Prospectus-ny@ny.email.gs.com; or J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York
11717, telephone: 1-866-803-9204, or by emailing
prospectus-eq_fi@jpmchase.com. Affiliates of Goldman Sachs &
Co. LLC and J.P. Morgan Securities LLC are joint book-running
managers and lenders under the Company's revolving credit facility
and therefore will receive a portion of the net proceeds of the
offering.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any shares of Common Stock or any
other security and shall not constitute any offer, solicitation or
sale in any jurisdiction in which such offer, solicitation,
purchase or sale is unlawful.
About Livent
For nearly eight decades, Livent has partnered with its
customers to safely and sustainably use lithium to power the world.
Livent is one of only a small number of companies with the
capability, reputation, and know-how to produce high-quality
finished lithium compounds that are helping meet the growing demand
for lithium. The Company has one of the broadest product portfolios
in the industry, powering demand for green energy, modern mobility,
the mobile economy, and specialized innovations, including light
alloys and lubricants. Livent employs more than 900 people
throughout the world and operates manufacturing sites in
the United States, England, India, China
and Argentina.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
Certain statements in this news release are forward-looking
statements. In some cases, you can identify these statements by
forward-looking words such as "may," "might," "will," "will
continue to," "will likely result," "should," "expect," "expects,"
"intends," "plans," "anticipates," "believe," "believes,"
"estimates," "predicts," "potential," "continue," "could,"
"forecast," "future," "is confident that," "plans," or "projects,"
the negative of these terms and other comparable terminology. These
forward-looking statements, which are subject to risks,
uncertainties and assumptions about Livent, may include projections
of Livent's future financial performance, Livent's anticipated
growth strategies and anticipated trends in Livent's business,
including without limitation, our capital expansion plans and
development of the Nemaska project and statements about whether
Livent will be able to consummate the offering, the terms of the
offering and the satisfaction of customary closing conditions with
respect to the offering. These statements are only predictions
based on Livent's current expectations and projections about future
events. There are important factors that could cause Livent's
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements. Currently, one of the most significant factors is the
adverse effect of the current coronavirus ("COVID-19") pandemic on
our business. The ultimate extent to which COVID-19 impacts us will
depend on future developments, which are highly uncertain and
cannot be predicted with confidence, including the scope, severity
and duration of the pandemic, the actions taken to contain the
pandemic or mitigate its impact, and the direct and indirect
economic effects of the pandemic and containment measures, among
others. Additional factors that could cause Livent's actual
results, level of activity, performance or achievements to differ
materially from the results, level of activity, performance or
achievements expressed or implied by the forward-looking statements
include a decline in the growth in demand for electric vehicles;
volatility in the price for performance lithium compounds; adverse
global economic conditions; competition; quarterly and annual
fluctuations of our operating results; risks relating to Livent's
planned production expansion and related capital expenditures,
including any further suspension of our expansion efforts; the
potential development and adoption of battery technologies that do
not rely on performance lithium compounds as an input; liquidity
and access to credit; reduced customer demand, or delays in growth
of customer demand, for higher performance lithium compounds; the
success of Livent's research and development efforts; risks
inherent in international operations and sales, including
political, financial and operational risks specific to Argentina, China and other countries where Livent has
active operations; customer concentration and the delay or loss of,
or significant reduction in orders from, large customers; failure
to satisfy customer quality standards; fluctuations in the price of
energy and certain raw materials; employee attraction and
retention; union relations; cybersecurity breaches; our ability to
protect our intellectual property rights; the lack of proven
reserves; legal and regulatory proceedings; including any
shareholder lawsuits; compliance with environmental, health and
safety laws; changes in tax laws; risks related to our separation
from FMC Corporation; risks related to ownership of our common
stock, including price fluctuations and lack of dividends; events
outside our control that could prevent us from achieving our
sustainability goals; as well as the other factors described under
the caption entitled "Risk Factors" in Livent's 2020
Form 10-K filed with the Securities and Exchange Commission on
February 26, 2021 and our subsequent
Forms 10-Q filed with the Securities and Exchange Commission.
Although Livent believes the expectations reflected in the
forward-looking statements are reasonable, Livent cannot guarantee
future results, level of activity, performance or achievements.
Moreover, neither Livent nor any other person assumes
responsibility for the accuracy and completeness of any of these
forward-looking statements. Livent is under no duty to update any
of these forward-looking statements after the date of this news
release to conform its prior statements to actual results or
revised expectations.
Media Contact: Juan Carlos
Cruz +1.215.299.6170
Juan.Carlos.Cruz@livent.com
Investor Contact: Daniel
Rosen +1.215.299.6208
Daniel.Rosen@livent.com
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SOURCE Livent Corporation