United Lithium Corp. (OTC: ULTHF) Stock In Focus After Latest Development

On December 21, United Lithium Corp. (OTC: ULTHF) was one of the companies that had come into the news cycle after it announced that it was going to consolidate its issued and outstanding shares. The company revealed that the consolidation conversion would happen in the ratio of three pre-consolidated shares for one post-consolidation share.

It was further revealed that prior to the consolidation, United Lithium Corp. had 123,223,127 issued and outstanding shares. Following the completion of the consolidation move, it would have 41,074,376 issued and outstanding shares. The shares would commence trading on a consolidated basis on December 28, 2023. The ticker symbol would be ULTH.

The company also announced that no fractional shares would be issued as a result of the consolidation. Any shareholder who may be entitled to a fractional share due to the move would get the number of shares equivalent to the closest whole number. The company would not pay out in cash with regards to the fractional shares either. The move would not have any effect on the shareholding of any investor other than the minuscule one brought about by the fractional shares. The consolidation would reduce the number of shares held by all shareholders on a proportional basis.

United Lithium Corp. announced at the time that a letter of transmittal would also be mailed to all the shareholders along with instructions on the surrendering of the share certificates for pre-consolidation shares in exchange for post-consolidation shares.

However, shareholders who hold their shares in the company in book entry form or in brokerage accounts would not need to take any action since their holdings would be adjusted electronically through United Lithium Corp.’s transfer agent or by the brokerage firms involved. The company also announced that following the consolidation, United Lithium Corp. would also have a new CUSIP number as well as a new ISIN number.