Electra Battery Materials' stock price declines due to the expansion of its ATM issuance scale

Investing.com – Electra Battery Materials Corporation (Nasdaq: ELBM; TSX-V: ELBM) stock price fell 2.1% in after-hours trading on Friday after the company announced an expansion of its “at-the-market” (ATM) offering program.

The company announced that it has increased the previously disclosed ATM offering size from $5.5 million to a total offering amount of up to $25 million. The expanded plan allows Electra to sell common shares at its discretion through H.C. Wainwright & Co., LLC.

The ATM program was established under an agreement signed on June 26, 2025. The total offering amount of $25 million includes sales previously completed under the initial $5.5 million plan, which is covered by a supplement to the company’s prospectus dated December 11, 2025.

Share sales will be conducted as “at-the-market” offerings under the Securities Act, including sales directly on the Nasdaq Capital Market or at prevailing market prices through that market. Shares will not be sold on the TSX Venture Exchange or other Canadian trading markets.

Electra stated that the net proceeds are intended to be used for working capital and general corporate purposes, which may include expenses related to commissioning its sulfate refinery located in Ontario, Canada. The company indicated that, based on its current operational plans, existing cash, cash equivalents, and other liquidity sources (which may include government debt financing) are expected to be sufficient to fund the mechanical completion of the refinery project.

This offering is being conducted pursuant to a registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission, which was declared effective on December 11, 2025.

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