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American Battery Technology Co (NASDAQ:ABAT), a company specializing in nonmetallic mineral mining with a market capitalization of $83 million, has been notified of non-compliance with Nasdaq's minimum bid price requirement, potentially leading to delisting from the Nasdaq Capital Market.
The notification, received on Thursday, December 19, 2024, indicated that ABAT's common stock had not maintained the minimum $1.00 per share closing bid price over the past 30 consecutive business days, as required by Nasdaq Listing Rule 5450(a)(1). According to InvestingPro data, the stock has experienced significant volatility, with a dramatic 79% decline over the past year.
The company's current standing does not immediately affect its listing status. ABAT has been given a 180-day grace period, until June 17, 2025, to regain compliance. To do so, the company's stock must close at $1.00 per share or higher for at least 10 consecutive business days before the deadline.
If ABAT fails to meet this criterion by June 17, 2025, it may be granted additional time to comply with the bid price rule. The stock currently trades at $1.11, showing recent signs of recovery with a 17% gain in the past week, though still well below its 52-week high of $6.15.
This development follows the company's previous transitions, including name changes from American Battery Metals Corp in May 2019 and from Oroplata Resources, Inc. in May 2013. ABAT, headquartered in Reno, Nevada, is incorporated in the state of Nevada with a fiscal year ending on June 30.
The information in this article is based on American Battery Technology Company's recent SEC filing. The company has not provided any comment on plans to address the compliance issue. The market will be watching closely to see if the company's efforts to maintain its Nasdaq listing will be successful.
In other recent news, American Battery Technology Company (ABTC) has been actively advancing its financial and operational objectives. The company has joined the U.S. Department of Energy's Battery Workforce Challenge, a development initiative for the electric vehicles and battery technology sectors. Analysts predict a substantial sales growth for ABTC, with revenue expected to surge by over 300% in fiscal year 2025.
In terms of financial developments, ABTC secured $12 million in financing through senior secured convertible notes with High Trail Investments ON LLC and High Trail Special Situations LLC. The company has also formalized new compensation agreements with top executives, including the CEO, CFO, and Chief Mineral Resources Officer.
On the operational front, ABTC received a $150 million grant from the U.S. Department of Energy for the construction of a second commercial-scale lithium-ion battery recycling facility. The company has also successfully produced lithium hydroxide with proprietary technologies and announced plans to construct a refinery capable of producing 30,000 tons of lithium hydroxide annually, supported by a $57.5 million U.S. Department of Energy grant.
Moreover, ABTC has secured a binding purchase agreement for its recycled black mass material with a domestic customer. In personnel changes, Steven Wu has been appointed as the new Chief Operating Officer, and Scott Smith, a former Tesla (NASDAQ:TSLA) executive, has been appointed Vice President of Financial Planning and Analysis. These are the recent developments at American Battery Technology Co.
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