Lithium Americas, GM Face Delays In Closing $330M Deal: 'Mutually Beneficial' Solutions Under Review
Lithium Americas, GM Face Delays In Closing $330M Deal: 'Mutually Beneficial' Solutions Under Review
Lithium Americas Corp (NYSE:LAC) and General Motors Co (NYSE:GM) are facing delays in closing their $330 million Tranche 2 investment.
Lithium Americas Corp（紐交所：LAC）和通用汽車公司（紐交所：GM）在結束33000萬美元的第二筆投資時面臨延遲。
Both parties are looking for "mutually beneficial" solutions as they reassess the deal.
雙方正在尋求「互惠互利」的解決方案，以重新評估交易。
The investment was initially structured as an equity deal, but with Lithium Americas' share price far below expectations, both companies have agreed to extend the decision-making process until year-end.
最初的投資計劃是作爲股權交易進行的，但由於鋰礦公司的股價遠低於預期，雙方已經同意將決策過程延長到年底。
A Dilution Dilemma For Lithium Americas
對鋰礦公司而言，稀釋困境
The original plan was for General Motors to invest in Lithium Americas at a conversion price based on the lower of either Lithium Americas stock's five-day volume-weighted average price (VWAP) or $17.36 per share. With Lithium Americas' VWAP hovering around $2.50, the equity investment would result in "highly dilutive" outcomes, potentially pushing General Motors' ownership above the 50% threshold.
最初的計劃是通用汽車以一個轉換價格進行投資，該轉換價格基於鋰礦公司股票的五日成交量加權平均價(VWAP)或17.36美元/股中較低的價格。由於鋰礦公司的VWAP大約在2.50美元左右，股權投資可能會導致「嚴重稀釋」的結果，有可能將通用汽車的持股比例推上50%的閾值以上。
This significant equity stake could alter the dynamics between the companies.
這個重要的股權份額可能會改變兩家公司之間的關係動態。
"Both parties have agreed not to close or cancel the Tranche 2 investment during the extension period as they evaluate 'mutually beneficial' solutions," JPMorgan analyst Bill Peterson said on the deal situation.
摩根大通分析師比爾·彼得森（Bill Peterson）在談到交易狀況時表示：「雙方同意在延期期間不要終止或取消第二筆投資，同時評估『互惠互利』的解決方案。」
The delay also affects the timeline for the U.S. Department of Energy (DOE) loan, which is critical for the full funding of the Thacker Pass project.
這一延遲也影響了美國能源部（DOE）貸款的時間表，該貸款對於Thacker Pass項目的全額資金非常關鍵。
Peterson pointed out that closing both the Tranche 2 investment and the DOE loan are "contingent upon each other."
彼得森指出，「Tranche 2」投資和美國能源部貸款的關閉「相互依存。」
Risks Loom For Thacker Pass, General Motors' EV Plans
蘇珊·彼得森概述了Thacker Pass，通用汽車的電動車計劃存在的多重風險。
Peterson outlined multiple risks surrounding the delays, including "election risk affecting timing and probability of DOE Loan closure" and the potential slowdown of General Motors' EV battery production ramp.
彼得森概述了延遲所帶來的多重風險，包括「選舉風險影響美國能源部貸款關閉的時機和可能性」，以及通用汽車電動車電池生產速度放緩的潛在風險。
The company's Ultium Cells venture, which has already seen its third battery plant face delays, adds uncertainty to its future lithium demand.
該公司的Ultium Cells創業公司已經面臨第三個電池生產工廠的延遲，給其未來的鋰需求帶來了不確定性。
Read Also: GM-LG Ultium Cells JV Agrees To Union Recognition At Tennessee Battery Plant, Says UAW
閱讀更多：通用汽車-LG Ultium Cells JV同意認可田納西州電池工廠的工會，美國汽車工人工會表示
In addition, Peterson flagged risks such as dilution to equity shareholders and even the "termination of the agreement after the extension period" if both parties cannot find common ground.
此外，彼得森還提到了一些風險，如對股東的稀釋，以及如果雙方找不到共同點，則「在延長期結束後終止協議。」
General Motors' right to purchase up to 100% of Phase 2 lithium offtake further complicates the scenario, especially in a market facing weak lithium prices and slower-than-expected EV growth.
在面臨鋰價格下跌和電動車增長速度較慢的市場環境下，通用汽車有權購買高達100%的第二階段鋰銷售也使情況變得更加複雜。
Peterson believes the DOE loan could serve as a positive catalyst for Lithium Americas, but the outlook for General Motors' Tranche 2 investment is less certain.
彼得森認爲美國能源部貸款可能成爲鋰礦的積極因素，但通用汽車的「Tranche 2」投資前景不確定。
As both sides look for a way forward, the clock is ticking on what could be a game-changing deal for Lithium Americas and General Motors' EV future.
雙方尋求前進的路，對於鋰礦公司和通用汽車的電動汽車未來而言，可能是一筆具有改變遊戲規則的交易。
Investors will have to wait and see if the companies can find a solution before the year's end.
投資者將不得不等待並觀看這些公司能否在年底之前找到解決方案。
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Image: Shutterstock
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譯文內容由第三人軟體翻譯。