Critical battery materials company American Battery Technology (OTCMKTS:ABML) Company was in the news yesterday after it made a significant announcement. The company announced yesterday that its board of directors had adopted and approved the amended and restated bylaws.
On Wednesday, ABML stock gained 1.78% to $0.6870 with 669.93K shares, compared to volume of 1.29 million shares. The stock moved within a range of $0.6650 – 0.6940 after opening trade at $0.6750.
American Battery Technology Company Announces Steps to Modernize its Corporate Governance and Enhance Board Accountability
While that was a significant announcement in itself, it should be noted that the board of directors had also started off with a range of new policies with regards to corporate governance. Some of the provisions of the new corporate governance policies include an insider trading policy, code of conduct and also a related persons transaction policy.
The chair of the company’s Nominations and Corporate Governance Committee and Independent Director Elizabeth Lowery spoke about the latest development as well. She noted that as the company continued to accelerate towards commercial manufacturing, it was the right time to further strengthen the corporate governance processes and bylaws.
She went on to add that following the latest development, it was likely that all decisions that are going to be made in the future are going to be in the best interests of the American Battery Technology Company shareholders. It remains to be seen if the stock comes into focus following the latest developments.
“As we continue our sustainable transition to a commercial manufacturing and operations company within the battery metals industry, the board decided the time is right to enhance our governance procedures and bylaws,” said Elizabeth Lowery, ABTC’s Lead Independent Director and Nominations and Corporate Governance Committee Chair. “We believe these steps will ensure decisions are made in the best interest of all our shareholders and expand engagement opportunities.”
ABML stock is below the 20-Day and 50-Day Moving averages of $0.70 and $0.72 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.92. The company has a total market capitalization of $443 million.