Lithium Americas (NYSE: LAC) stock fell nearly 6% in pre-market trading Monday, despite insider buying activity by one of its directors.
According to a recent SEC filing, Michael John Brown, a director at Lithium Americas, acquired 1,000 common shares on April 3 at $2.71 per share. The purchase, totaling $2,710, increased his total holdings to 5,101 shares. The buy-in came at a slight premium to the stock’s current trading price of $2.41 and follows a steep 64% drop in share value over the past year.
This development follows a recent shift in accounting practices. As of January 1, 2025, Lithium Americas transitioned from International Financial Reporting Standards (IFRS) to U.S. Generally Accepted Accounting Principles (GAAP). The change includes restating financial statements for the first three quarters of 2023 and 2024 to comply with U.S. domestic issuer requirements.
In other company news, Lithium Americas (NYSE: LAC) appointed Brandin Luke Colton as the new Executive Vice President and Chief Financial Officer, effective January 29, 2025. Colton, who brings over 20 years of financial experience, previously served as CFO at Minova International and Turquoise Hill Resources. His appointment is viewed as pivotal as the company moves forward with its Thacker Pass project, which aims to produce 160,000 tonnes of battery-quality lithium carbonate annually. The project is expected to generate an average annual EBITDA of $2.2 billion for the first 25 years of production.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto. Read Full Bio
