Critical Metals (CRML) fell 7% to $6.18 in afternoon trading, even though European Lithium shareholders voted heavily to approve an all-stock takeover that would give Critical Metals full ownership of the Tanbreez rare earth project in Greenland. The deal still needs approval from the Supreme Court of Western Australia, and new Critical Metals shares issued to European Lithium holders are expected to begin trading on Nasdaq in early November, after the exchange ratio hit its cap on October 21. Critical Metals fell more than USA Rare Earth (USAR, down 5% to $9.74) and United States Antimony (UAMY, down 3% to $3.19), while the VanEck Rare Earth and Strategic Metals ETF (REMX) fell 3% and the SPDR S&P 500 ETF Trust (SPY) fell 1%. The maximum exchange ratio means more stock will reach the market once the deal closes, and skeptics argue this would dilute current shareholders, though the article does not confirm whether this is driving the selling.
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