Electra Battery Materials shareholders approve reverse split authority

Electra Battery Materials Corporation (NASDAQ: ELBM) held its 2026 annual general and special meeting of shareholders on June 23 in Toronto, with 48,202,558 common shares, representing 46.47% of issued and outstanding shares, voted in person or by proxy.

Shareholders elected all seven director nominees to serve until the next annual meeting. Vote totals in favor ranged from 98.26% for Jody Thomas to 98.88% for Alden Greenhouse. The other elected directors were David Stetson, John Pollesel, Trent Mell, Gerard Hueber, and Susan Uthayakumar. MNP LLP was appointed as external auditor.

Shareholders approved the 2022 Amended and Restated Long-Term Incentive Plan, setting maximum share issuances at 8,725,000 for options, 440,000 each for restricted share units and performance share units, and 1,385,784 for deferred share units. The Employee Share Purchase Plan was also approved, increasing the maximum number of common shares reserved for issuance from 250,000 to 400,000.

Shareholders ratified the grant of 1,600,000 options, 190,459 deferred share units, and 174,000 restricted share units that had exceeded existing plan limits.

Shareholders also approved a special resolution authorizing a potential reverse stock split at a ratio of one post-split share for between two and six pre-split shares, with the exact ratio to be determined by the board. The approval authorizes but does not require the board to proceed. If implemented, the company stated it will announce the effective date and final ratio by news release.

The amended incentive plan and employee share purchase plan received conditional approval from the TSX Venture Exchange on May 4, 2026, and remain subject to final exchange acceptance.

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