Today, investors in American Battery Metals (OTCMKTS:ABML) are seeing a lot of green. Shares of ABML stock are up 18% at the time of writing on very high volume. Approximately 12 million shares have already traded hands, versus the daily average of less than 5 million shares.
This move comes on a rather flat day in the markets. High-growth stocks are generally down, making ABML’s move particularly interesting.
There is one key catalyst with American Battery to note today. Let’s dive into what was announced, and why investors are piling into this trade today.
Listing Announcement Lifts ABML Shares Higher
Yesterday, American Battery announced it had applied to list on the Nasdaq Exchange under the company’s current ABML ticker.
This move is one the market appears to be cheering. Since trading as a penny stock for much of the past five years, ABML has surged this year to well over $1. Accordingly, bullish investors who are hoping to see the company become a part of the Nasdaq are jumping aboard.
Coincidentally, American Battery Metals Corporation intends to change its name to American Battery Technology Company as part of this process.
The company’s lithium-ion battery recycling technology is one investors appear to be keen on, given the surge in battery development and the supply chain troubles battery manufacturers have had of late. The company is a pure-play on the American battery industry. Accordingly, investors looking for ways to play this space appear to be keen on ABML stock right now.
As per Doug Cole, Chairman and CEO of American Battery, “We believe listing our common stock on the NASDAQ will improve liquidity, increase our corporate visibility in the financial markets, and create shareholder value. We believe that listing on the NASDAQ is a natural progression for the Company and our shareholders.”
Today, it appears investors agree.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
