Shares of Almonty Industries (ASX:AII) rose nearly 3% in recent Friday trade after it said in a late Thursday filing that it is set to consolidate its issued and outstanding common shares at a ratio of 1.5 pre-consolidation common shares to one post-consolidation common share, effective July 7, to support a planned Nasdaq listing.

The post-consolidation shares will start trading on July 7 on the Toronto Stock Exchange, and the CHESS depositary interests will start trading on a deferred settlement basis at the start of trading on July 8 on the Australian Securities Exchange, subject to the necessary approvals, the filing said.

The company will not issue fractional shares as part of the consolidation, and instead, round off the holdings of shareholders, the filing added.

Immediately after implementing the consolidation, the company will have 195.9 million common shares issued and outstanding, the company said.