Why Lithium Americas Stock Plunged Today

Lithium Americas Corp. LAC shares are trading lower after the company announced it completed separation into two independent public companies.

What To Know: On Tuesday, the company announced the completion of the reorganization of Lithium Americas into two independent publicly traded companies through statutory plan of arrangement.

Lithium Americas Corp., now Lithium Americas (Argentina) Corp. LAAC LAAC, is joined by the new Lithium Americas Corp. LAC LAC.

"We look forward to seeing these two market-leading companies thrive independently," said Jonathan Evans, President and CEO of Lithium Americas (NewCo) and former President and CEO of Lithium Americas. "The Separation offers investors two unique and highly focused pure-play lithium companies with world-class assets in our respective regions of operation."

Lithium Argentina shares and Lithium Americas (NewCo) shares began trading on the TSX and NYSE on Oct. 4 on a regular-way basis under the ticker symbols "LAAC" and "LAC," respectively.

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LAC Price Action: Shares of LAC were down 29.9% at $11.35 at the time of publication, according to Benzinga Pro.

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