Electra Receives NASDAQ Notice on Minimum Price Deficiency
September 22 2023 - 5:01PM
Business Wire
Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V:
ELBM) (“Electra” or the “Company”) announced today that it
received a notice (“Notice”) from The Nasdaq Stock Market LLC
(“Nasdaq”) on September 21, 2023 stating that the Company is not in
compliance with the minimum bid price requirement ("Minimum Bid
Requirement") of US$1.00 per share under Nasdaq’s Listing Rule
5550(a)(2) based upon the closing bid price of the Company's common
shares for the 30 consecutive business days prior to the date of
the Notice.
The Notice has no immediate effect on the listing or trading of
the Company’s common shares on the Nasdaq Capital Market, and the
Company's operations are not affected by the receipt of the Notice.
Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180
calendar days from the date of the Notice, or until March 19, 2024,
to regain compliance with the Minimum Bid Requirement, during which
time the Company’s common shares will continue to trade on
Nasdaq.
If at any time before March 19, 2024, the bid price of the
common shares closes at or above US$1.00 per share for a minimum of
10 consecutive business days, the Company will regain compliance
with the Minimum Bid Requirement. If the Company does not regain
compliance with the Minimum Bid Requirement by March 19, 2024, the
Company may be eligible, upon satisfaction of certain Nasdaq
listing requirements, for an additional period of 180 calendar days
to regain compliance.
The Company will closely monitor the situation and is
considering various strategies to regain compliance with the
Minimum Bid Requirement under Nasdaq’s Listing Rules. This notice
does not have any impact on the listing of the Company's common
shares on the TSX Venture Exchange.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery
materials. Currently commissioning North America’s only cobalt
sulfate refinery, Electra is executing a multipronged strategy
focused on onshoring the electric vehicle supply chain. Keys to its
strategy are integrating black mass recycling and nickel sulfate
production at Electra’s refinery located north of Toronto,
advancing Iron Creek, its cobalt-copper exploration-stage project
in the Idaho Cobalt Belt, and expanding cobalt sulfate processing
into Bécancour, Quebec. For more information visit
www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and
forward-looking information (together, “forward-looking
statements”) within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as “plans”,
“expects”, “estimates”, “intends”, “anticipates”, “believes” or
variations of such words, or statements that certain actions,
events or results “may”, “could”, “would”, “might”, “occur” or “be
achieved.” Forward-looking statements are based on certain
assumptions, and involve risks, uncertainties and other factors
that could cause actual results, performance, and opportunities to
differ materially from those implied by such forward-looking
statements. Among the bases for assumptions with respect to the
potential for additional government funding are discussions and
indications of support from government actors based on certain
milestones being achieved. Factors that could cause actual results
to differ materially from these forward-looking statements are set
forth in the management discussion and analysis and other
disclosures of risk factors for Electra Battery Materials
Corporation, filed on SEDAR at www.sedar.com and with the U.S.
Securities and Exchange Commission on EDGAR at www.sec.gov. Other
factors that could actually cause results to differ materially
include changes with respect to government or investor expectations
or actions as compared to communicated intentions, and general
macroeconomic and other trends that can affect levels of government
or private investment. Whether actual results and developments will
conform with our expectations and predictions is subject to a
number of risks and uncertainties, including, but not limited to,
our ability to meet Nasdaq’s Minimum Bid Requirement and our
ability to maintain the listing of our common shares on Nasdaq.
Although the Company believes that the information and assumptions
used in preparing the forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only
apply as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed times frames or
at all. Except where required by applicable law, the Company
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230922893672/en/
Joe Racanelli Vice President, Investor Relations
info@ElectraBMC.com 1.416.900.3891
Electra Battery Materials (NASDAQ:ELBM)
Historical Stock Chart
From Jul 2024 to Aug 2024
Electra Battery Materials (NASDAQ:ELBM)
Historical Stock Chart
From Aug 2023 to Aug 2024