08:32 AM EDT, 09/18/2024 (MT Newswires) -- Electra Battery Materials ( ELBM ) said Wednesday it has formed a joint venture called Aki Battery Recycling with Three Fires Group to recycle lithium-ion battery scrap and waste material.

Financial terms were not disclosed.

Aki Battery Recycling will produce black mass from which lithium, nickel, cobalt, and other minerals can be extracted, the company said.

The Three Fires Group, an indigenous-owned economic development agency, will lead capital resourcing of the joint venture, Electra said.

Electra also said that it received on Tuesday a notice of noncompliance with Nasdaq rules requiring $1.00 per share minimum bid price. The company said it intends to appeal the decision and explore options to preserve its listing.

Shares of the company were up more than 4% in recent premarket activity.

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