American Lithium Receives NASDAQ Notice of Minimum Price Deficiency and Clarifies Previous Engagement with New Era Publishing Inc.

VANCOUVER, British Columbia, March 13, 2024 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) has received written notification (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) on March 8, 2024, indicating that the Company is not in compliance with the minimum bid price requirement of US$1.00 per share under Nasdaq Listing Rule 5550(a)(2) based upon the closing bid price of the Company’s common shares for the thirty consecutive business days from January 25, 2024 to March 7, 2024.

The Notice has no immediate effect on the listing or trading of the Company’s common shares on Nasdaq, and the Company’s operations are not affected by the receipt of the Notice. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days from the date of the Notice, or until September 4, 2024, to regain compliance with the minimum bid requirement, during which time the Company’s common shares will continue to trade on Nasdaq.

To regain compliance the Company’s common shares must have a closing bid price of at least US$1.00 for a minimum of ten consecutive business days. If the Company does not regain compliance with the minimum bid requirement by September 4, 2024, the Company may be eligible, upon satisfaction of certain Nasdaq listing requirements, for an additional period of 180 calendar days to regain compliance.

The Company will closely monitor the situation and is considering various strategies to regain compliance with the minimum bid requirement under Nasdaq's listing rules. The Notice does not have any impact on the listing of the Company's common shares on the TSX Venture Exchange.

New Era Publishing Inc.

The Company also confirms that its previous engagement of New Era Publishing Inc. (“New Era”) to provide marketing services to the Company, as announced by the Company on May 8, 2023, was concluded on August 31, 2023 and no further services have been provided since that date. During the course of the engagement, New Era coordinated with Raging Bull LLC (“Raging Bull”) to publish certain marketing materials pertaining to the Company without the prior knowledge of the Company. The Company has no current engagement with New Era, nor does it presently have any intention to engage New Era to provide further services to the Company. The TSX Venture Exchange has not accepted the previous engagement of New Era, as it did not comply with Exchange policy, and prior approval of the TSX Venture Exchange will be required in the event of any future engagement involving New Era, Raging Bull, its principals, and any other service providers that provide activities under TSX Venture Exchange Policy 3.4.