Electra Battery Materials Corporation has announced it has received an additional 180-days notice (the “Extension”) from The Nasdaq Stock Market LLC (“Nasdaq”) to regain compliance with the minimum bid price requirement (“Minimum Bid Requirement”) of US$1.00 per share under Nasdaq’s Listing Rule 5550.
The Extension has no immediate effect on the listing or trading of the Company’s common shares (the “Shares”) on the Nasdaq, and the Company’s operations are not affected by the receipt of the Extension. Pursuant to the Extension, the Company has until September 16, 2024 to regain compliance with the Minimum Bid Requirement, during which time the Shares will continue to trade on Nasdaq.
If at any time before September 16, 2024, the bid price of the Shares closes at or above US$1.00 per Share for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Requirement. The Extension does not have any impact on the listing of the Shares on the TSX Venture Exchange.
Further to its news releases dated February 27, 2024 and March 13, 2024, the Company has issued an aggregate of 843,039 Shares at a deemed issue price of $0.6439 per Share in satisfaction of a portion of the interest payable to certain of the holders of US$51 million principal amount of 8.99% senior secured convertible notes. The deemed issue price was calculated at 95% of the simple average of the volume weighted average trading price of the Shares for each of the five trading days ending on, and including, March 20, 2024.