First Phosphate shares hit yearly high after Nasdaq transition

First Phosphate shares reached a new yearly high following the transition of its American Depositary Receipts (ADRs) from the OTCQX market to the Level 2 segment of the Nasdaq Global Market. The stock rose 13% on Friday, trading just 2.8% below its 52-week high.

The move to the Nasdaq is intended to increase visibility and liquidity for both domestic and international investors as part of a long-term strategy to develop a North American supply chain for lithium iron phosphate (LFP) batteries. To mark the transition, company management participated in a bell-ringing ceremony at the Nasdaq MarketSite in Times Square.

In addition to the exchange move, the company has secured infrastructure funding. This includes finalized agreements for C$4.84 million in non-repayable federal grants for studies and planning related to road connections and a 161-kilovolt power line. This follows a previous C$16.7 million commitment from Natural Resources Canada announced in March.