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Electra Announces Results of Special Meeting
ELBMElectra Battery Materials (ELBM) GlobeNewswire·2024-12-20 21:30

Corporate Update - The Company engaged Epstein Research for research and analysis services in the metals and mining industry, paying a total of US6,000fortheengagementperiodfromSeptember1,2024,toNovember30,2024[1]−EpsteinResearch′sroleincludedincreasingawarenessthroughsocialmediaandproducingvariouscontenttypes[1]AboutElectraBatteryMaterials−ElectraBatteryMaterialsfocusesonprocessinglow−carbon,ethically−sourcedbatterymaterialsandisdevelopingNorthAmerica′sonlycobaltsulfaterefinery[2][3]−TheCompanyaimstoonshoretheelectricvehiclesupplychainandprovideaNorthAmericansolutionforEVbatterymaterialsrefining[2]ShareholderMeetingResults−Atthespecialmeeting,13,792,275commonshares,representing246,000 for the engagement period from September 1, 2024, to November 30, 2024 [1] - Epstein Research's role included increasing awareness through social media and producing various content types [1] About Electra Battery Materials - Electra Battery Materials focuses on processing low-carbon, ethically-sourced battery materials and is developing North America's only cobalt sulfate refinery [2][3] - The Company aims to onshore the electric vehicle supply chain and provide a North American solution for EV battery materials refining [2] Shareholder Meeting Results - At the special meeting, 13,792,275 common shares, representing 24% of the issued and outstanding shares, were voted in favor of all business items, including a reverse stock split and the 2024 Employee Share Purchase Plan [5] - The reverse stock split will occur at a ratio of four pre-split shares for one post-split share [6] Compliance with Nasdaq Requirements - The reverse stock split is intended to help the Company regain compliance with Nasdaq's minimum bid price requirement of US1.00 per share [7] - The Company has until January 15, 2025, to regain compliance following an appeal to Nasdaq [7] Management Commentary - The Vice President of Investor Relations emphasized the importance of the Nasdaq listing for visibility and access to the U.S. market, expressing gratitude for shareholder support [8]