Energy Fuels Issues Shares and Cash to ASM Shareholders as Acquisition Completes
Energy Fuels Inc. has completed its acquisition of Australian Strategic Materials (ASM) through members’ and creditors’ schemes of arrangement, triggering ASM’s delisting from the ASX. Eligible ASM shareholders received a mix of Energy Fuels shares and cash, while optionholders were paid cash for their options.
- Energy Fuels completes acquisition of ASM via schemes of arrangement
- Eligible ASM shareholders receive Energy Fuels shares and A$0.13 cash per share
- ASM optionholders paid A$0.50 cash per option
- ASM securities suspended and scheduled for ASX delisting on 31 August
- New Energy Fuels CDIs begin normal trading on ASX from 31 August
Acquisition Completion and Shareholder Consideration
Energy Fuels Inc. has officially completed its acquisition of Australian Strategic Materials (ASM) following the implementation of concurrent schemes of arrangement. Eligible ASM shareholders received 0.053 New Energy Fuels CDIs or shares per ASM share held, alongside a cash payment of A$0.13 per share. Optionholders were paid A$0.50 in cash for each ASM option they held at the record date.
The share consideration was issued today, with Energy Fuels confirming that holding statements or allotment advices will be dispatched to shareholders in due course. Ineligible foreign shareholders will not receive Energy Fuels securities directly but will instead receive cash proceeds from the sale of those shares via a sale agent, in addition to the cash consideration.
Trading Status of New Energy Fuels Securities
New Energy Fuels CDIs have been trading on the ASX on a deferred settlement basis since 20 August 2026 and will transition to normal settlement trading from 31 August 2026, with the first settlement expected on 2 September. Meanwhile, New Energy Fuels shares issued under the scheme began trading on the NYSE American and TSX on 28 August 2026 (Eastern Time).
ASM Delisting from ASX
Following the acquisition, ASM’s securities were suspended from trading on the ASX at the close on 19 August 2026. The company has applied for termination of official quotation and removal from the ASX official list, effective from the close of trading on 31 August 2026. This marks the end of ASM as a standalone listed entity on the ASX.
Bottom Line?
The acquisition finalises a significant consolidation in critical materials, with Energy Fuels absorbing ASM and transitioning shareholders into its securities; investors will watch how the integration unfolds post-delisting.
Questions in the middle?
- How will Energy Fuels integrate ASM’s operations and assets going forward?
- What impact will the acquisition have on Energy Fuels’ market positioning in critical materials?
- How will the trading performance of New Energy Fuels CDIs compare to ASM shares prior to acquisition?
