Gate News message, April 15 — American Battery Materials, a lithium exploration company based in Connecticut, raised its IPO offering size on Tuesday. The company now plans to issue 2.5 million shares at $6 per share, raising $15 million, compared to its original plan of 1.5 million shares at $8.25 per share for $12.375 million, representing a 25% increase.
The company focuses on developing lithium-magnesium brine resources in Lisbon Valley, Utah, using direct lithium extraction (DLE) technology. American Battery Materials holds a large federal mining lease area in underground brine formations and is currently in the exploration and testing phase, with no established mineral reserves or mining revenue to date. Founded in 2007, the company is currently traded over-the-counter under the ticker “BLTH”.
The company plans to list on NYSE American, though a stock ticker has not yet been selected. ThinkEquity is the sole underwriter for the offering.
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