By Ben Glickman
American Battery Technology said on Thursday it had agreed to sell $10 million worth of stock to two institutional investors in an at-the-market offering.
The Reno, Nev., battery-materials maker and recycler said that it would sell about 3.8 million shares of common stock, as well as warrants to purchase up to an aggregate 3.8 million shares, to the investors in the registered direct offering. The company said that the intraday transaction had a combined offering price of $2.65 per share and accompanying warrant.
The company expects $10 million in gross proceeds before deducting fees and other expenses.
American Battery Technology's direct offering follows a sharp run up in its shares in the last several days. The stock has more than tripled in the last five trading days, and was up about 23% on Thursday near the close, with an earlier intraday gain of about 48%.
The company earlier this month was awarded a $144 million grant contract from the U.S. Energy Department to build a new lithium-ion battery-recycling plant.
The warrants sold in the offering have an exercise price of $2.80 a share. The offering is expected to take place on or about Dec. 27.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
December 26, 2024 15:53 ET (20:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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