American Battery Technology Company Announces $5 Million Direct Offering
Reno, Nev. – December 20, 2024 – American Battery Technology Company (NASDAQ: ABAT) announced today that it has secured securities purchase agreements with two institutional investors.
The agreements are for the purchase and sale of 5,000,000 shares of common stock and warrants. These warrants allow investors to purchase up to an aggregate of 5,000,000 shares of common stock. The transaction is a registered direct offering, with a combined offering price of $1.00 per share and accompanying warrant.
The warrants have an exercise price of $1.10 per share. They will be exercisable immediately upon issuance and will expire five years from the initial exercise date. The gross proceeds of the offering will be approximately $5 million before deducting placement agent fees and other estimated offering expenses. The company will also use a portion of the proceeds to make a required 20% excess cash payment to certain existing debtholders.
The offering is expected to close on or around December 23, 2024, pending the fulfillment of standard closing conditions. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
A shelf registration statement on Form S-3 (File No. 333-276329) for the securities offering was declared effective by the Securities and Exchange Commission (SEC) on June 24, 2024. The offering is available only through a base prospectus and accompanying prospectus supplement.
A prospectus supplement relating to the offering will be filed with the SEC. Individuals can access electronic copies on the SEC’s website at www.sec.gov or by contacting A.G.P./Alliance Global Partners at 590 Madison Avenue, 28th Floor, New York, NY 10022, by phone at (212) 624-2060, or via email at prospectus@allianceg.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities. No sale of these securities will occur in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About American Battery Technology Company
American Battery Technology Company, headquartered in Reno, Nevada, is focused on developing technologies for battery materials. The company’s efforts aim to provide domestically manufactured and recycled battery metals. These metals are essential to meet the growing demand from the electric vehicle, stationary storage, and consumer electronics industries.
Committed to establishing a circular supply chain for battery metals, ABTC continuously innovates and masters new technologies to help power the global transition to electrification and sustainable energy.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. For example, the company is using forward-looking statements in this press release when it discusses the expected closing date of the offering and use of proceeds from the offering.
While the company’s management believes that these forward-looking statements are reasonable, it cannot guarantee their accuracy. These forward-looking statements include risks and uncertainties. These factors could lead to the company’s future results varying significantly from what is anticipated.
Potential risks include the company’s ability to continue as a going concern, general economic conditions, and industry-specific issues. Other potential risks are regulatory requirements, approvals, and fluctuating mineral or commodity prices. For further information on factors that could cause actual results to differ materially from the forward-looking statements, refer to the company’s filings with the SEC, including the Annual Report on Form 10-K for the year ended June 30, 2024.
The company assumes no obligation to update any information contained in this press release.
