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American Battery Technology Company (NASDAQ:ABAT), a player in the nonmetallic mineral mining industry with a market capitalization of $85.5 million, has entered into a definitive agreement to sell a property in Lyon County, Nevada, for $6.75 million. The transaction, involving approximately 12 acres of land and improvements located at 395 Logan Lane, Fernley, Nevada, was announced on Monday. According to InvestingPro analysis, the company has been quickly burning through cash, making this sale particularly significant for its operations.
The deal, executed with individuals Steven Pokrajac and Corina Pokrajac or their assigns, is set to close by July 10, 2025. This move is part of the company’s ongoing efforts to market and sell its real estate and water rights holdings in the Fernley area, coming at a time when the stock has declined nearly 59% year-to-date. The property in question is identified by the APN 021-071-50.
Details of the purchase agreement will be made available in American Battery Technology Company’s upcoming quarterly report for the period ending March 31, 2025. This report will provide investors with a closer look at the terms of the agreement and the specifics of the property involved. InvestingPro data shows the company maintains a moderate current ratio of 1.75, though its overall financial health score is rated as weak. Subscribers to InvestingPro can access 6 additional key insights about ABAT’s financial position.
The sale comes at a time when the company continues to focus on its core business operations within the energy and transportation sectors. The strategic divestiture of this real estate asset indicates a possible realignment of the company’s portfolio to better support its operational goals.
The information regarding this transaction is based on a press release statement and will be submitted in compliance with the Securities Exchange Act of 1934. American Battery Technology Company’s CEO, Ryan Melsert, has confirmed the report on behalf of the registrant.
In other recent news, American Battery Technology Company has reported a significant increase in its production of recycled battery materials, more than doubling its output in the latest quarter ending March 31, 2025. This growth is attributed to the company’s transition to continuous 24/7 operations and enhancements at its lithium-ion battery recycling facility. Additionally, American Battery Technology Company is integrating a chemical extraction train to further refine recycled products into high-purity cathode-grade metals. The company also announced the appointment of Paul McGarry as interim CFO following the retirement of Jesse Deutsch. McGarry, who previously served as the company’s Controller, will assume his new role on February 1, 2025. In another development, American Battery Technology Company has regained compliance with Nasdaq’s minimum bid price requirement, ensuring its continued listing on the stock exchange. This compliance achievement was confirmed by Nasdaq on January 7, 2025, after the company’s stock maintained a closing bid price of $1.00 per share or greater for over 10 consecutive business days. These updates highlight American Battery Technology Company’s ongoing efforts to maintain operational and financial stability.
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