Mr. Joe Racanelli reports
ELECTRA RECEIVES NASDAQ NOTICE ON MINIMUM PRICE DEFICIENCY
Electra Battery Materials Corp. received a notice from the Nasdaq Stock Market LLC on Sept. 21, 2023,
stating that the company is not in compliance with the minimum bid price requirement of $1.00 (U.S.) per share under Nasdaq's Listing Rule 5550(a)(2) based upon the closing bid price of the company's common shares for the 30 consecutive business days prior to the date of the notice.
The notice has no immediate effect on the listing or trading of the company's common shares on the Nasdaq Capital Market, and the company's operations are not affected by the receipt of the notice. Under Nasdaq Listing Rule 5810(c)(3)(A), the company has 180 calendar days from the date of the notice, or until March 19, 2024, to regain compliance with the minimum bid requirement, during which time the company's common shares will continue to trade on Nasdaq.
If at any time before March 19, 2024, the bid price of the common shares closes at or above $1.00 (U.S.) per share for a minimum of 10 consecutive business days, the company will regain compliance with the minimum bid requirement. If the company does not regain compliance with the minimum bid requirement by March 19, 2024, the company may be eligible, upon satisfaction of certain Nasdaq listing requirements, for an additional period of 180 calendar days to regain compliance.
The company will closely monitor the situation and is considering various strategies to regain compliance with the minimum bid requirement under Nasdaq's listing rules. This notice does not have any impact on the listing of the company's common shares on the TSX Venture Exchange.
About Electra Battery Materials
Corp.
Electra is a processor of low-carbon, ethically sourced battery materials. Currently commissioning North America's only cobalt sulphate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulphate production at Electra's refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho cobalt belt, and expanding cobalt sulphate processing into Becancour, Quebec.
We seek Safe Harbor.
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