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American Battery Technology Company (NASDAQ:ABAT), a $243 million market cap company whose shares have surged 160% over the past six months, reported changes to its board of directors, according to a statement filed with the Securities and Exchange Commission. According to InvestingPro data, the company’s stock currently trades at $2.51, with analysts setting an optimistic target of $6.00.
On August 28, Sherif Marakby notified the board of his resignation from all positions with the company, including his roles on the audit committee and the corporate governance and nominating committee. The resignation will be effective September 15. The company stated that Mr. Marakby’s departure aligns with the board’s succession plan for independent directors and is not due to any disagreements regarding the company’s operations, policies, or practices.
On August 29, the board appointed Lavanya Balakrishnan as a new director, effective September 16. Ms. Balakrishnan will also join the audit committee, compensation committee, and corporate governance and nominating committee. She will serve until the next annual meeting of stockholders or until her earlier resignation or removal.
Under the terms of her director agreement, Ms. Balakrishnan will receive annual compensation of $25,000, paid quarterly in arrears, and is eligible for annual equity compensation in the form of restricted stock units valued at $150,000, divided by the volume weighted average price of the company’s stock over the twenty trading days before the end of each quarter. The initial vesting of these units will occur on the last day of the fiscal quarter following her first anniversary with the company. In the event of a change in control, she is eligible for additional compensation valued at $75,000, also calculated based on the company’s stock price. Ms. Balakrishnan may elect to receive any portion of her compensation in restricted stock units rather than cash.
The company stated that there are no arrangements or understandings with any other persons regarding Ms. Balakrishnan’s appointment, no family relationships with current directors or officers, and no related party transactions requiring disclosure.
This information is based on a press release statement contained in the company’s recent SEC filing.
In other recent news, American Battery Technology Company announced the termination of a $6.75 million property sale agreement for its Lyon County, Nevada site. The agreement, initially made in April 2025, involved the sale of approximately 12 acres of property in Fernley, Nevada. The termination occurred before the buyer’s due diligence period concluded, and the company reported no material early termination penalties. Additionally, American Battery Technology Company secured a $1 million collaborative agreement from the U.S. Department of Energy’s Argonne National Laboratory ReCell Center. This agreement aims to advance the company’s lithium hydroxide manufacturing technology. The partnership will involve testing the company’s electrochemical lithium processing system using advanced tools like the Advanced Photon Source particle accelerator and Aurora Exascale Supercomputer. This technological development seeks to improve lithium hydroxide production efficiency by reducing chemical consumption and operational costs. The grant was awarded on a competitive basis, supporting further collaboration with Argonne National Laboratory.
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