UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 10, 2023
LIVENT CORPORATION
(Exact name of registrant as specified in its
charter)
Delaware |
001-38694 |
82-4699376 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
1818 Market Street
Philadelphia,
Pennsylvania 19103
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (215) 299-5900
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☒ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading
Symbol(s) |
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Name of each exchange
on which registered |
Class A common stock, par value $0.0001 per share |
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LTHM |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item
7.01. Regulation FD Disclosure.
On May 10, 2023, Livent Corporation., a
Delaware corporation (the “Company” or “Livent”), issued a press release announcing its entry into a Transaction Agreement (the
“Transaction Agreement”), dated as of May 10, 2023, by and among the Company, Allkem Limited, an Australian public
company limited by shares (“Allkem”) and Lightning-A Limited, a limited company incorporated under the laws of the
Bailiwick of Jersey (“NewCo”), pursuant to which, subject to the satisfaction or waiver of the conditions set forth
therein, at the applicable effective time (i) NewCo will acquire all of the shares of Allkem pursuant to a scheme of arrangement
under the Corporations Act 2001 of Australia, resulting in Allkem becoming a wholly owned subsidiary of NewCo and (ii) a newly
formed Delaware corporation wholly owned by NewCo will merge with and into the Company, with the Company continuing as the
surviving corporation and as a wholly owned subsidiary of NewCo. The press release is attached hereto as Exhibit 99.1.
Furnished as Exhibit 99.2 hereto is the investor
presentation that the Company has prepared to use in connection with the transactions contemplated by the Transaction Agreement.
The information in Item 7.01 is being furnished
and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made
by the Company under the Securities Act or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by
specific reference in such a filing.
No offer or solicitation
This communication and the information contained in it is provided
for information purposes only and is not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to
sell or solicitation of an offer to buy, or an invitation or recommendation to subscribe for, acquire or buy securities of Allkem, Livent or NewCo, or any other financial
products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.
Additional information and where to find it
Livent and NewCo plan to file relevant materials with the Securities
and Exchange Commission (the “SEC”) in connection with the contemplated transaction (the “Transaction”), including
a registration statement on Form S-4 that contains a proxy statement/prospectus and other documents. Livent will mail the proxy statement/prospectus
contained in the Form S-4 to its stockholders. This communication is not a substitution for any registration statement, proxy statement/prospectus
or other documents that may be filed with the SEC in connection with the proposed transaction.
THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC
IN CONNECTION WITH THE TRANSACTION WILL CONTAIN IMPORTANT INFORMATION ABOUT NEWCO, LIVENT, ALLKEM, THE TRANSACTION AND RELATED MATTERS.
INVESTORS SHOULD READ THE PROXY STATEMENT/PROSPECTUS AND SUCH OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, AS WELL
AS ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS AND SUCH DOCUMENTS, BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE
TRANSACTION. The proxy statement/prospectus, any amendments or supplements thereto and all other documents filed with the SEC in connection
with the Transaction will be available when filed free of charge on the SEC's website (at www.sec.gov). Copies of documents filed with
the SEC by Livent will be made available free of charge on Livent's investor relations website (at https://ir.livent.com/overview/default.aspx).
Participants in the Solicitation
Allkem, Livent, NewCo and their respective directors and certain of
their executive officers and other employees may be deemed to be participants in the solicitation of proxies from Livent’s security
holders in connection with the
Transaction. Information about Livent’s directors and executive
officers is set forth in Livent’s proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on March
16, 2023, its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 24, 2023,
subsequent statements of beneficial ownership on file with the SEC and other filings made from time to time with the SEC. Information
about Allkem’s directors and executive officers is set forth in Allkem’s latest annual report dated August 25, 2022, as updated
from time to time via announcements made by Allkem on the Australian Securities Exchange. Additional information regarding the persons
who may, under the rules of the SEC, be deemed participants in the solicitation of Livent security holders in connection with the Transaction,
including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus
and other relevant materials when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated
above.
Forward-Looking Statements
This announcement contains forward-looking statements, including within
the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can often be identified by terms such
as “may,” “will,” “appears,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “target,” “projects,” “contemplates,” “believes,”
“estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or
other similar terms or expressions that concern expectations, strategy, plans, or intentions. However, the absence of these words or similar
terms does not mean that a statement is not forward-looking. All forward-looking statements are based on information and estimates available
to Livent at the time of this announcement and are not guarantees of future performance.
Examples of forward-looking statements in this communication (made
at the date of this communication unless otherwise indicated) include, among others, statements regarding the future performance of Livent,
Allkem and NewCo (the “Merged Group”), the perceived and potential synergies and other benefits of the Transaction, and expectations
around the financial impact of the Transaction on the Merged Group’s financials. In addition, this announcement contains statements
concerning the intentions, beliefs and expectations, plans, strategies and objectives of the directors and management of Livent for Livent
and the Merged Group, the anticipated timing for and outcome and effects of the Transaction (including expected benefits to shareholders
of Livent), anticipated production, production capacity or construction or development commencement dates, costs or production outputs,
capital expenditure and future demand for lithium, expectations for the ongoing development and growth potential of the Merged Group and
the future operation of Livent and the Merged Group.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements
expressed or implied by any forward-looking statement and may include statements regarding the expected timing and structure of the proposed
transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected
benefits of the proposed transaction, such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market
profile, business plans, expanded portfolio and financial strength; the competitive ability and position of NewCo following completion
of the Transaction; and anticipated growth strategies and anticipated trends in Livent’s, Allkem’s and, following the completion
of the proposed transaction, NewCo’s business.
In addition, other factors related to the Transaction between Allkem
and Livent that contribute to the uncertain nature of the forward-looking statements and that could cause actual results and financial
condition to differ materially from those expressed or implied include, but are not limited to: the satisfaction of the conditions precedent
to the consummation of the Transaction, including, without limitation, the receipt of shareholder and regulatory approvals on the terms
desired or anticipated; unanticipated difficulties or expenditures relating to the Transaction, including, without limitation, difficulties
that result in the failure to realize expected synergies, efficiencies and cost savings from the Transaction within the expected time
period (if at all); potential difficulties in Allkem’s and Livent’s ability to retain employees as a result of the announcement
and pendency of the Transaction; risks relating to the value of NewCo’s shares to be issued in the Transaction; disruptions of Allkem’s
and Livent’s current plans, operations and relationships with customers caused by the announcement and pendency of the Transaction;
legal proceedings that may be instituted against Allkem and Livent following announcement of the Transaction; funding requirements; lithium
and other commodity prices; exploration, development and operating risks (including unexpected capital or operating costs); production
risks; regulatory restrictions (including
environmental regulations and associated liability, changes in regulatory
restrictions or regulatory policy and potential title disputes) and risks associated with general economic conditions.
Additional factors that could cause 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 are detailed in the filings with the SEC, including Livent’s annual report on Form 10-K, periodic
quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC.
There can be no assurance that the Transaction will be implemented
or that plans of the directors and management of Livent for the Merged Group will proceed as currently expected or will ultimately be
successful. Investors are strongly cautioned not to place undue reliance on forward-looking statements, including in respect of the financial
or operating outlook for Allkem, Livent or the Merged Group (including the realization of any expected synergies).
Except as required by applicable law, Livent assumes no obligation
to, and expressly disclaims any duty to, provide any additional or updated information or to update any forward-looking statements, whether
as a result of new information, future events or results, or otherwise. Nothing in this communication will, under any circumstances (including
by reason of this communication remaining available and not being superseded or replaced by any other presentation or publication with
respect to Allkem, Livent or the Merged Group, or the subject matter of this announcement), create an implication that there has been
no change in the affairs of Livent since the date of this communication.
Item 9.01. Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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LIVENT CORPORATION |
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By: |
/s/ Gilberto Antoniazzi |
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Gilberto Antoniazzi, |
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Vice President and Chief Financial Officer |
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Dated: May 10, 2023
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