ABML - American Battery Technology stock dips on $10M securities offering

2023-03-30 08:37:42 ET

• American Battery Technology ( OTCQX:ABML ) has launched a securities offering to raise $10M in gross proceeds.
• The offering comprises ~14.29M shares of common stock, Series A warrants to purchase up to ~14.29M shares and Series B warrants to purchase up to ~14.29M shares, issued at a combined purchase price of $0.70/share of common stock and accompanying warrants.
• The Series A warrants are immediately exercisable at $0.80/share and will expire five years following issuance.
• The Series B warrants have an exercise price of $0.70/share, are immediately exercisable upon issuance and will expire eighteen months following issuance.
• Net proceeds from the offering will be used for working capital and general corporate purposes, including to finalize the purchase of a move-in-ready, commercial-scale battery recycling facility located in McCarran, Nevada, to expand operations of its first-of-kind lithium-ion battery recycling technologies.
• The offering is expected to close around March 31, 2023.
• ABML shares were down over 5% in premarket hours

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