Electra Battery Materials (TSXV: ELBM) (NASDAQ: ELBM) is set to undertake a reverse split this week to meet Nasdaq listing requirements. The reverse split will see shareholders receive one post-consolidation share for every four pre-consolidation share held.
The reverse split is being undertaken in an effort to meet Nasdaq requirements, which outline that an equity must maintain a minimum US$1.00 per share price to remain listed on the exchange.
The share consolidation will see Electra reduce its outstanding share count from 59.2 million shares to just 14.8 million, with any outstanding options, warrants, or convertible securities to be subjected to the same consolidation ratio. Fractional shares are to be rounded to the nearest whole number.
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READ: Electra Enters Joint Venture For Battery Recycling In Southern Ontario
The reverse split is to be effective as of the close of markets on December 31, with the company to trade on a split-adjusted basis as of January 2.
Electra Battery Materials last traded at $0.67 on the TSX Venture.
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