Core Viewpoint - Electra Battery Materials Corporation will implement a reverse share split on December 31, 2024, at a ratio of four pre-split shares for one post-split share, aiming to comply with Nasdaq's minimum bid price requirement and attract more investors [7][11]. Company Overview - Electra Battery Materials is focused on processing low-carbon, ethically-sourced battery materials, with a primary goal of developing North America's only cobalt sulfate refinery [9]. Reverse Split Details - As of the announcement, the company has 59,213,423 common shares outstanding, which will reduce to approximately 14,803,355 shares post-split [1]. - The reverse split will proportionally adjust the exercise price and number of shares for outstanding options, warrants, and other convertible securities [1]. - The new common shares will begin trading on January 2, 2025, under the existing ticker symbol "ELBM" [7]. Shareholder Communication - Registered shareholders will receive a letter of transmittal with instructions on exchanging their pre-split shares for post-split shares [8]. - Beneficial shareholders holding shares through a brokerage may have different procedures for obtaining their post-split shares and are encouraged to contact their brokerage for details [5]. Compliance and Investor Attraction - The reverse split is intended to help the company regain compliance with Nasdaq's minimum bid price requirement of US$1.00 per share [11]. - An increase in share price is expected to attract individual and institutional investors who have minimum share price thresholds for equity investments [11].
Electra Confirms Effective Date for Reverse Share Split