11:34 AM EST, 12/30/2024 (MT Newswires) -- Electra Battery Materials ( ELBM ) 's share price was at last look Monday up near 40% on the TSXV as it is implementing a reverse share split of its outstanding common share capital, effective at the close of business on Tuesday.

Electra in a statement said the reverse split will be on the basis of four pre-reverse split shares for every one post-reverse split share.

The company said the reverse split will support its efforts to regain compliance with the minimum bid price requirement of US$1.00 per share in Nasdaq.

Electra also believes that an increased common share price will allow it to attract certain individual and institutional investors who have minimum share price thresholds for equity investments, which thresholds preclude them from investing in "penny stocks."

At the opening of markets on Jan. 2, 2025, the common shares of the company will commence trading on a post-reverse split basis under the existing ELBM symbol and the new CUSIP: CA28474P7065.

ELBM has risen 0.25 to 0.92, and has touched a day high 0.95, shy of a 52 week high 0.98.

Price: 0.92, Change: +0.25, Percent Change: +37.31