GREENWICH, Conn., Dec. 07, 2023 (GLOBE NEWSWIRE) -- American Battery Materials, Inc. (OTC: BLTH) ("ABM", the "Company"), a U.S. based critical minerals extraction company deploying environmentally responsible methods to protect and promote our nation's security as we transition to a clean energy future, today announced the completion of a 1-for-300 reverse stock split of its issued and outstanding common stock, effective immediately. ABM expects its common stock to begin trading on a split-adjusted basis as of the commencement of trading on December 8, 2023.
"We are grateful to our stockholders for supporting the motion to effect a reverse split, and our new transfer agent, Transfer Online, for enabling the process," said David Graber, Chairman and Co-Chief Executive Officer of American Battery Materials. "This sets us on a pathway to listing on a senior exchange to bring additional long-term value for our fellow shareholders -we look forward to providing further updates on this front as they develop and we move closer to an uplisting."
ABM's common stock will continue to trade on the OTC Marketplace under the symbol "BLTH" following the reverse stock split, with a new CUSIP number of 10319B209. After the effectiveness of the reverse stock split, the number of outstanding shares of common stock 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 in the reverse stock split. No fractional shares will be issued in connection with the reverse stock split, and stockholders who would otherwise be entitled to a fractional share will automatically be entitled to rounding up of their fractional share to the nearest whole share.
ABM's new transfer agent, Transfer Online, will be processing the completion of the reverse stock split. ABM expects that stockholders holding their shares in book-entry form or through a bank, broker or other nominee will not need to take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or other nominee with any procedural questions. Additional information concerning the reverse stock split can be found in 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 responsible critical minerals extraction company focused on direct lithium extraction (DLE) as well as other minerals for refining, processing, and distribution to support the country's urgent critical minerals need to bolster long-term energy transition and the electrification of the US domestic and global economy. For more information, visit www.americanbatterymaterials.com.
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Forward Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are 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 indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this communication, regarding the termination of SGII's Proposed Business Combination with ABM, SGII's ability to consummate the transaction, the benefits of the transaction and the combined company's future financial performance, as well as the combined company's strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the respective management of SGII and ABM and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of SGII or ABM. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; risk relating to the uncertainty of the projected financial information with respect to ABM; the overall level of consumer demand for lithium; general economic conditions and other factors affecting; disruption and volatility in the global currency, capital, and credit markets; ABM's ability to implement its business and growth strategy; changes in governmental regulation, ABM's exposure to litigation claims and other loss contingencies; disruptions and other impacts to ABM's business, as a result of the COVID-19 pandemic and government actions and restrictive measures implemented in response, and as a result of the proposed transaction; ABM's ability to comply with environmental regulations; competitive pressures from many sources, including those, having more experience and better financing; changes in technology that adversely affect demand for lithium compounds; the impact that global climate change trends may have on ABM and its potential mining operations; any breaches of, or interruptions in, ABM's information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contracted products as well as foreign currency fluctuations; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks.
More information on potential factors that could affect ABM's financial results is included 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 the results implied by these forward-looking statements. There may be additional risks that ABM presently know, 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 forecasts of future events and views as of the date of this communication. ABM anticipates that subsequent events and developments will cause their assessments to change. However, while ABM may elect to update these forward-looking statements at some point in the future, ABM specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing ABM's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This communication does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended from time-to-time, or an exemption therefrom.
Investor Relations Contact:
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
ir@americanbatterymaterials.com
(800) 998-7962
