Why Is American Battery Technology Company (OTCMKTS:ABML) Stock Down 25% in a Month?

Yesterday, American Battery Technology Company (OTCMKTS:ABML) was in the news after it made an announcement with regards to a major new appointment. While it remains to be seen if it has any effect on the company’s stock, investors could do well to take a look at the news nonetheless.

Trading Data

On Tuesday, ABML stock soared 0.35% to $0.6849 with 668.29K shares, compared to volume of 1.36 million shares. The stock moved within a range of $0.6600 – 0.7150 after opening trade at $0.6901.

American Battery Technology Company Hires Bret Meich as General Counsel

The company announced yesterday that it had appointed a new General Counsel in the form of Bret Meich. He will be a member of the executive team at American Battery Technology Company and will reporting directly to the Chief Executive Officer Ryan Melsert. The CEO spoke about the necessity for having appointed a General Counsel.

He noted that the company was on an accelerated path with respect to its technology and business road maps. In such a situation, it had become ‘imperative’ to have a General Counsel who is going to oversee all the legal affairs of the company. In addition to that, Meich will also be responsible for collaborating with the external legal counsel of the company with regards to the due diligence that will be necessary regarding the formalization of the company’s strategic partnerships. It now remains to be seen if the American Battery Technology Company stock gains any traction or not.

Key Quote

“As we accelerate the execution of our technology and business roadmaps, it is imperative that we establish in-house General Counsel to take ownership of our legal affairs roadmap and to coordinate the efforts of our external counsel specialists with immediate prioritization in due diligence and execution of our strategic partnerships, intellectual property portfolio, merger and acquisition diligence, and corporate governance,” said ABTC CEO Ryan Melsert. “We are extremely fortunate to have Bret joining the ABTC team to lead these efforts, and his extensive connections and experience in the local community have already yielded return.”

Technical Data

ABML stock is trading below the 50-Day and 50-Day Moving averages of $0.72 and $0.73 respectively. However, the stock is trading below the 200-Day moving average of $0.94. The company has a total market capitalization of $442.44 million.