Critical Metals Sets Option Scheme Terms; European Lithium Deal Effective, Shares Issue Nov 5
CRML sits 52% above its 52-week low of $5.115.
Summary
Critical Metals' acquisition of European Lithium became effective October 27, with optionholders receiving 0.0353158621 CRML shares per option and new shares issued November 5 ahead of Nasdaq trading November 6.
Key Events · M&A and Partnerships · CRML
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Schemes Effective, Option Terms Fixed
The Share Scheme and Option Scheme became effective October 27, 2026; optionholders receive 0.0353158621 new CRML shares per European Lithium option, about 35.32 per 1,000 options.
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Consideration Formula Inputs
Calculated from the 0.045 share scheme ratio, the A$0.10 option exercise price at AUD/USD 0.7021, and a Scheme VWAP of US$7.25 — below today's $7.80 price.
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Small Optionholders Get Cash
Holders of 991 or fewer options receive their pro rata share of net cash proceeds from selling the shares they would otherwise have received, not new CRML shares.
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Key Dates to Implementation
Record date October 29, 2026; implementation and share issue November 5, 2026; Nasdaq trading begins and European Lithium leaves the ASX Official List November 6, 2026.
Analysis · CRML · Energy & Transportation
The two interdependent schemes of arrangement to acquire European Lithium became effective October 27, 2026, and this filing fixes the last piece of consideration: optionholders get 0.0353158621 CRML shares per option, or roughly 35.32 per 1,000 options, calculated off the 0.045 share scheme ratio, the A$0.10 exercise price at AUD/USD 0.7021, and a Scheme VWAP of US$7.25. That VWAP sits below today's $7.80, so the cashless formula delivers fewer shares per option than a higher reference price would. Implementation is set for November 5 with Nasdaq trading from November 6, which is when the dilution from the new shares actually hits the register. The backdrop is not clean: the FY2026 20-F previously disclosed going concern doubt and four material weaknesses in internal controls, so this is a large all-stock acquisition being absorbed by a company whose own controls and funding are already under strain.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CRML was trading at $7.80 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $5.12 to $21.86. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.