American Battery Materials, which extracts, refines, and distributes technical minerals in the US, raised the proposed deal size for its upcoming IPO on Tuesday. The company had originally filed in February 2024, but until its most recent amendment did not qualify for inclusion in Renaissance's IPO stats. American Battery is currently listed on the OTC Pink Market under the ticker "BLTH."
The Greenwich, CT-based company now plans to raise $15 million by offering 2.5 million shares at $6. The company had originally filed to offer 1.5 million shares at $8.25. At the midpoint, American Battery Materials will raise 25% more in proceeds than originally anticipated.
American Battery Materials is an US-based exploration-stage mineral company focused on developing lithium and magnesium-bearing brine resources in Utah’s Lisbon Valley. The company controls a large federal mining claim position over prospective subsurface brine formations and is evaluating the use of direct lithium extraction (DLE) technologies to recover battery-related technical minerals from these brines. Its operations are currently centered on resource exploration, well re-entry and testing, and process development, and it has not yet established mineral reserves or generated mining revenue.
American Battery Materials was founded in 2007. It plans to list on the NYSE American, although it has not yet selected a symbol (RC ticker: BLTH.RC). ThinkEquity is the sole bookrunner on the deal.
