Albemarle to Sell $1.75 Billion Shares Amid Lithium, Stock Routs

Albemarle Corp. plans to sell $1.75 billion in depositary shares in a public offering to help fund its capital spending as collapsing lithium prices weigh on its revenue.

Proceeds from the sale will be used for general corporate purposes, which may include funding the construction and expansion of lithium operations in Australia and China, the Charlotte, North Carolina-based company said Monday.

Lithium suppliers around the world are reining in spending — with some even dialing back output — after demand for the key component in electric-vehicle batteries slows just as new mines start up. One measure of prices has slumped ...