Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) announced it will hold a special shareholder meeting on June 29, 2026, to seek approval for a share consolidation ranging from 1-for-130 to 1-for-180.

The Toronto-based critical minerals company said the consolidation would support its evaluation of potential U.S. capital markets alternatives, including a possible listing on Nasdaq or another major U.S. exchange.

"The Board believes the proposed Share Consolidation is a prudent enabling step in Avalon's broader capital markets strategy," said Alan Ferry, Chair of the Board of Directors. The board recommends shareholders vote in favor of the proposal.

The company stated the consolidation is intended to help satisfy minimum bid price requirements for U.S. exchange listings. Avalon's current low trading price may limit its ability to meet those requirements without a share consolidation.

CEO Scott Monteith said the consolidation would improve comparability with U.S. exchange-listed peers and position the company to access deeper U.S. capital markets.

The company cautioned that no final decision has been made to proceed with any U.S. exchange listing. Any potential listing would require shareholder approval of the consolidation, final board approval, Toronto Stock Exchange approval, U.S. exchange acceptance, and satisfaction of listing standards.

If approved, the board would retain discretion to determine the final consolidation ratio within the approved range and could choose not to proceed if deemed not in the company's best interests.

Avalon develops lithium and rare earth elements projects, including the Nechalacho project in the Northwest Territories and a lithium hydroxide processing facility in Thunder Bay, Ontario.