Electra Battery Materials (TSXV: ELBM) appears to finally be going to the Nasdaq. The company this morning indicated that it has been approved for trading on the Nasdaq Capital Market.
The company is set to begin trading on the US big board exchange as of the open of markets tomorrow, April 27. Much like it does in Canada, the company is set to trade under the symbol “ELBM” on the exchange.
“With the heightened interest in electric vehicles, decarbonization, critical minerals and onshoring supply chains, we felt it was important to increase our presence in our primary market for our ultra low carbon battery materials,” CEO Trent Mell commented on the announcement.
The development follows an 18 to 1 share consolidation conducted by the company that took effect on April 11. The move at the time was conducted to meeting minimum listing requirements for the US big board, while also stating that a higher price is “more palatable to US institutional investors.”
At the time of the consolidation, the company indicated that it intends to remain listed on the TSX Venture Exchange, which the company reiterated this morning.
Additionally, the announcement follows the news late last week that the firms long-time CFO, Ryan Snyder, has left the company as of the end of April to pursue an opportunity with a precious metals producer. The company is in the process of identifying a permanent replacement for Snyder, while Michael Insulan is holding the title on an interim basis.
Electra Battery Materials last traded at $5.30 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
