Energy Fuels’ acquisition of Australian Strategic Materials (ASM) has officially closed following Federal Court approval, triggering suspension of ASM trading and setting the stage for shareholder payments and new listings.
- Federal Court approves ASM acquisition schemes
- ASM securities suspended on ASX from 19 August
- Eligible shareholders to receive Energy Fuels CDIs or shares plus A$0.13 cash
- Optionholders to receive A$0.50 cash per option
- New Energy Fuels securities to commence trading late August
Federal Court Confirms Acquisition Completion
Australian Strategic Materials (ASX:ASM) has formally become part of Energy Fuels Inc. following the Federal Court of Australia’s approval of the members’ and creditors’ schemes of arrangement. The court orders, lodged with ASIC on 19 August 2026, mark the legal completion of the acquisition by EFR Critical Materials Pty Ltd, a wholly owned subsidiary of Energy Fuels.
With the schemes now effective, ASM’s securities were suspended from trading on the ASX at the close of 19 August, signalling the end of ASM’s independent listing and the transition to Energy Fuels ownership.
Shareholder and Optionholder Consideration Details
Eligible ASM shareholders will receive 0.053 New Energy Fuels CDIs or shares (if elected) plus a cash payment of A$0.13 for each ASM share held as at the record date on 21 August 2026. Meanwhile, ASM optionholders will be paid A$0.50 cash for each option held at the same record date.
Foreign shareholders deemed ineligible to receive New Energy Fuels securities will instead have their entitlements sold via a Sale Facility, receiving a proportional cash payment from the net proceeds in addition to the standard cash consideration.
Key Dates Set for Transition and Trading
The timetable ahead is tightly scheduled. New Energy Fuels CDIs will begin trading on the ASX on a deferred settlement basis from 20 August, with the full implementation and cash payments due by 28 August. New Energy Fuels shares will commence trading on the NYSE American and TSX concurrently on 28 August (Eastern Time).
Normal trading of New Energy Fuels CDIs on the ASX is expected to start on 31 August, which will also mark the official termination of ASM shares and options from the exchange. Shareholders will receive holding statements and direct registration system advices by 1 September, with the first settlement of trades occurring on 2 September.
Legal and Regulatory Compliance
The court’s approval included an exemption for Energy Fuels from certain compliance requirements under the Corporations Act, facilitating a smoother implementation of the schemes. The approval also supports Energy Fuels’ reliance on the exemption from US Securities Act registration requirements, a critical step for cross-border regulatory compliance.
Energy Fuels’ takeover of ASM follows a series of regulatory and shareholder approvals, including strong proxy support and unanimous board recommendations, reflecting broad backing for the transaction within ASM’s investor base.
Bottom Line?
The acquisition’s completion sets a clear timetable for ASM shareholders to convert holdings into Energy Fuels securities, with trading transitions and payments poised to reshape the investor landscape in coming weeks.
Questions in the middle?
- How will the market value Energy Fuels’ expanded strategic materials portfolio post-acquisition?
- What impact will the Sale Facility proceeds have on ineligible foreign shareholders’ returns?
- Will the transition to New Energy Fuels CDIs on ASX attract new investor interest or volatility?