Battery X Metals consolidates shares amid market uncertainty
- Battery X Metals will consolidate its common shares at a rate of 3.3-for-1 effective December 10, 2024.
- The total number of issued and outstanding shares is expected to be approximately 21,493,985 after the consolidation.
- The consolidation is a strategic move aimed at enhancing shareholder value and liquidity in the stock market.
In Vancouver, BC, Battery X Metals Inc. announced the implementation of a share consolidation effective December 10, 2024. The consolidation will occur on the basis of three and one-third pre-consolidation common shares for every one post-consolidation common share. Following this alteration, the company expects the total issued and outstanding common shares to amount to approximately 21,493,985. Importantly, this action has been taken amidst a strategic focus on improving shareholder value and enhancing the liquidity of the company’s shares. The unique structure of the consolidation indicates that no fractional common shares will be issued, and the number will be rounded down to the nearest whole share for any fractional occurrences. This consolidation decision follows a prior news release on November 29, 2024, outlining the company's intentions to proceed with the move. The company's name and trading symbols will remain unchanged after the consolidation, a decision aimed to maintain consistency in its market presence. To facilitate this process, registered shareholders will be required to submit their physical certificates along with a completed letter of transmittal to their transfer agent, Endeavor Trust Corporation. Battery X Metals focuses on advancing the global clean energy transition, particularly through the recovery of battery-grade metals from end-of-life lithium-ion batteries, and securing critical metal resources for the growing battery market. By consolidating shares, the company aims to position itself better in the evolving market landscape, which is increasingly influenced by the demand for electric vehicle (EV) batteries. The decision reflects management's commitment to addressing shareholder concerns and is anticipated to provide a more favorable trading environment for its securities. As noted in the company's communications, management expects this consolidation will reflect positively on the trading price and liquidity of its common shares moving forward.