American Battery Technology Company (OTCMKTS:ABML) Stock Falls 11% In a Week: Here is Why

Critical battery materials firm American Battery Technology Company (OTCMKTS:ABML) has seen its stock take a beating over the course of the past week and has declined by as much as 11% during the period. In this sort of situation, it may be a good idea for investors to perhaps figure out if the stock can make a recovery or if the slide is going to continue.

Trading Data

On Monday, ABML stock slid 4.10% to $0.5775 with more than 1.89 million shares, compared to its average volume of 1.14 million shares. The stock moved within a range of $0.5600 – 0.6150 after opening trading at $0.6035.

American Battery Technology Company Announces Steps to Modernize its Corporate Governance and Enhance Board Accountability

The last time the company was in the news was back on September 14 when it was announced that the Board of Directors of the company had adopted, restated and amended the bylaws.

However, that was not all. In addition to that, the American Battery Technology Company board had also started a range of corporate governance policies. Some of the corporate governance policies in question include those in relation to transactions policy, insider trading and a code of conduct.

While all these moves could be looked upon as progressive ones, it seems that investors are not particularly happy about the whole thing. At the time, it had been noted by an independent director of the company that these steps were in the best interests of the shareholders.

Key Quote

“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.”

Technical Data

ABML stock is trading below the 20-Day and 50-Day Moving averages of $0.66 and $0.72 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.90. The company has a total market capitalization of $371 million.