Electra Battery Materials Corp (TSE:ELBM) has released an update.
Electra Battery Materials Corporation has negotiated a postponement of interest payments on $51 million of senior secured convertible notes with its noteholders, with accrued interest now due August 15, 2024, excluding the portion payable in common shares. The company also intends to address its non-compliance with Nasdaq’s minimum bid price requirement by applying for an additional 180-day extension. These moves are part of Electra’s strategy to stabilize its balance sheet and focus on financing the construction of its cobalt refinery.
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