Reverse split represents the crucial first step on the way to uplisting on a senior exchange
GREENWICH, Conn., Dec. 7, 2023 (GLOBE NEWSWIRE) — American Battery Materials, Inc. (OTC: BLTH) (“ABM,” the “Company”), a U.S.-based critical mineral extraction company using environmentally friendly methods to protect and promote the security of our nation as we transition to a clean energy future, today announced that it has completed a 1-for-300 reverse stock split of its issued and outstanding common shares, effective immediately. ABM expects its common shares to trade on a split-adjusted basis beginning trading on December 8, 2023.
“We are grateful to our shareholders for supporting the reverse separation request and to our new transfer agent, Transfer Online, for facilitating the process,” said David Graber, Chairman and Co-Chief Executive Officer of American Battery Materials. “This puts us on the path to listing on a priority stock exchange to provide additional long-term value to our fellow shareholders. We look forward to providing further updates on this topic as it develops and we get closer to an uplisting.”
ABM’s common stock will continue to trade on the OTC marketplace following the reverse stock split under the symbol “BLTH,” with the new CUSIP number 10319B209. Upon giving effect to the reverse stock split, the number of common shares outstanding will be reduced from approximately 3.3 billion to approximately 11 million, subject to adjustment to give effect to the treatment of any fractional shares that stockholders would have received as a result of the reverse stock split. No fractional shares will be issued in connection with the reverse stock split, and shareholders who would otherwise be entitled to fractional shares will automatically be entitled to have their fractional shares rounded up to the nearest whole share.
ABM’s new transfer agent, Transfer Online, will handle the completion of the reverse stock split. ABM expects that shareholders who hold their shares on book-entry basis or through a bank, broker or other agent will not be required to take any action in connection with the reverse stock split. Beneficiaries are asked to contact their bank, broker or other authorized representative if they have any questions about the process. For more information about the reverse stock split, see ABM’s Form 8-K filed with the Securities and Exchange Commission on August 8, 2023.
About American Battery Materials, Inc.
American Battery Materials, Inc. (OTC: BLTH) is a U.S.-based, environmentally conscious critical mineral extraction company focused on direct lithium extraction (DLE) as well as other minerals for refining, processing and distribution to provide much-needed critical minerals Supporting the country’s minerals Minerals must support the long-term energy transition and electrification of the U.S. domestic and global economy. For more information, visit www.americanbatterymaterials.com.
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This press release contains certain statements that are not historical facts but are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan.” “, “predict”, “potential”, “seem”, “seek”, “future”, “outlook” and similar expressions that predict or suggest future events or trends or that are not statements of historical fact . All statements contained in this release, other than current or historical facts, concern the completion of SGII’s proposed business combination with ABM, SGII’s ability to complete the transaction, the benefits of the transaction and the future financial performance of the combined company and the strategy of the combined company combined company, future operations, estimated financial condition, estimated revenues and losses, projected costs, management’s prospects, plans and objectives are forward-looking statements. These statements are based on various assumptions, whether stated in this release or not, as well as the current expectations of the respective management of SGII and ABM and are not predictions of actual performance. These forward-looking statements are for illustrative purposes only are not intended to be, and should not be relied upon as, a guarantee, representation, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and differ from assumptions. Many actual events and circumstances are beyond the control of SGII or ABM. Potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions – and abroad; risk associated with the uncertainty of projected financial information relating to ABM; the overall level of consumer demand for lithium; general economic conditions and other influencing factors; disruptions and volatility in global currency, capital and credit markets; ABM’s ability to execute its business and growth strategy; changes in government regulation, ABM’s exposure to litigation and other risks of loss; disruptions and other impacts to ABM’s business resulting from the COVID-19 pandemic and the governmental and restrictive measures implemented in response thereto, and as a result of the proposed transaction; ABM’s ability to comply with environmental regulations; competitive pressures from many sources, including increased experience and better financing; changes in technology that negatively impact demand for lithium compounds; the impact that global climate change trends may have on ABM and its potential mining operations; any breaches or interruptions in ABM’s information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contractual products and fluctuations in exchange rates; Changes in tax laws and obligations, tariffs, legal, regulatory, political and economic risks.
Further information about potential factors that could affect ABM’s financial results can be found from time to time in ABM’s public reports filed with the SEC, including its annual reports on Form 10-K, quarterly reports on Form 10 -Q and current reports on Form 8 -K. If any of these risks materialize or ABM’s assumptions prove incorrect, actual results could differ materially from those implied by these forward-looking statements. There may be additional risks that ABM is currently aware of or that ABM currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect ABM’s expectations, plans or projections regarding future events and views as of the date hereof. ABM expects that its assessments will change as a result of subsequent events and developments. Although ABM may elect to update these forward-looking statements at some point in the future, ABM expressly disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as reflecting ABM’s views as of any date subsequent to the date of this release. Therefore, undue reliance should not be placed on the forward-looking statements.
No offer or invitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which the offer, solicitation or sale is prior to registration or qualification under the would be unlawful under securities laws of such a jurisdiction. This announcement does not constitute a solicitation of any power of attorney, consent or approval with respect to any securities or with respect to the proposed business combination. No offering of any securities may be made except by way of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exception thereto.
Investor Relations Contact:
Lucas A. Zimmerman
MZ Group – MZ North America