Industry Leader David Stetson Joins Electra Board of Directors
Electra Battery Materials (NASDAQ: ELBM) has appointed industry veteran David Stetson to its Board of Directors. Stetson brings significant leadership experience, notably his successful tenure as CEO of Alpha Metallurgical Resources where he increased market capitalization from $50 million to over $4 billion and eliminated $800 million of debt.
The appointment coincides with Electra's recently announced recapitalization process with its senior secured convertible noteholders. As part of this process, the company has closed a $2 million Bridge Financing through unsecured 90-day 12.00% promissory notes. Stetson joins as a board nominee of the Lenders, supporting Electra's efforts to strengthen its balance sheet and advance North America's critical minerals supply chain initiatives.
Electra Battery Materials (NASDAQ: ELBM) ha nominato nel proprio Consiglio di Amministrazione il veterano del settore David Stetson. Stetson porta con sé una solida esperienza manageriale, in particolare il suo successo come CEO di Alpha Metallurgical Resources, dove ha fatto crescere la capitalizzazione di mercato da $50 milioni a oltre $4 miliardi e ha azzerato $800 milioni di debito.
La nomina arriva mentre Electra ha avviato un processo di ricapitalizzazione con i detentori dei propri senior secured convertible notes. Nell’ambito di tale processo, la società ha concluso un Bridge Financing da $2 milioni tramite cambiali non garantite a 90 giorni al 12,00% di interesse. Stetson entra in veste di candidato al consiglio proposto dai finanziatori, sostenendo gli sforzi di Electra per rafforzare il bilancio e promuovere le iniziative sulla filiera delle materie prime critiche in Nord America.
Electra Battery Materials (NASDAQ: ELBM) ha incorporado a su Junta Directiva al veterano del sector David Stetson. Stetson aporta una amplia experiencia en liderazgo, destacando su etapa como CEO de Alpha Metallurgical Resources, donde incrementó la capitalización de mercado de $50 millones a más de $4.000 millones y eliminó $800 millones de deuda.
El nombramiento coincide con el proceso de recapitalización anunciado recientemente por Electra con los tenedores de sus senior secured convertible notes. Como parte de este proceso, la compañía ha cerrado un financiamiento puente de $2 millones mediante pagarés no garantizados a 90 días con un 12,00% de interés. Stetson se incorpora como candidato al consejo propuesto por los prestamistas, apoyando los esfuerzos de Electra para reforzar su balance y avanzar en las iniciativas de la cadena de suministro de minerales críticos en Norteamérica.
Electra Battery Materials (NASDAQ: ELBM)는 업계 베테랑인 David Stetson을 이사회에 선임했습니다. Stetson은 특히 Alpha Metallurgical Resources의 CEO로 재직하며 시가총액을 $5천만에서 40억 달러 이상으로 끌어올리고 $8억의 부채를 제거한 성공적인 경력을 보유하고 있습니다.
이번 선임은 Electra가 최근 발표한 선순위 담보 전환사채 보유자들과의 재자본화 과정과 맞물립니다. 이 과정의 일환으로 회사는 무담보 90일 만기 연 12.00% 약속어음을 통한 $200만 브리지 파이낸싱을 마감했습니다. Stetson은 대주단이 추천한 이사 후보로 합류해 Electra의 재무구조 강화와 북미의 핵심 광물 공급망 추진 노력을 지원할 예정입니다.
Electra Battery Materials (NASDAQ: ELBM) a nommé le vétéran du secteur David Stetson à son conseil d'administration. Stetson apporte une solide expérience de direction, notamment son mandat de PDG chez Alpha Metallurgical Resources, où il a fait passer la capitalisation boursière de 50 millions $ à plus de 4 milliards $ et a éliminé 800 millions $ de dette.
Cette nomination intervient alors qu'Electra a annoncé un processus de recapitalisation avec les détenteurs de ses senior secured convertible notes. Dans le cadre de ce processus, la société a finalisé un financement relais de 2 millions $ via des billets à ordre non garantis à 90 jours à 12,00 %. Stetson rejoint le conseil en tant que candidat nommé par les prêteurs, soutenant les efforts d'Electra pour renforcer son bilan et faire avancer les initiatives sur la chaîne d'approvisionnement des minéraux critiques en Amérique du Nord.
Electra Battery Materials (NASDAQ: ELBM) hat den Branchenveteranen David Stetson in seinen Vorstand berufen. Stetson bringt umfassende Führungserfahrung mit, insbesondere aus seiner Zeit als CEO von Alpha Metallurgical Resources, wo er die Marktkapitalisierung von $50 Millionen auf über $4 Milliarden steigerte und $800 Millionen Schulden tilgte.
Die Ernennung fällt mit dem kürzlich angekündigten Rekapitalisierungsverfahren von Electra zusammen, das die Inhaber der vorrangig besicherten wandelbaren Schuldverschreibungen einbezieht. Im Zuge dieses Prozesses hat das Unternehmen eine $2 Millionen Bridge-Finanzierung durch unbesicherte 90-Tage-Schuldscheine mit 12,00% Zins abgeschlossen. Stetson tritt als vom Kreditgeber vorgeschlagener Vorstandskandidat bei und unterstützt Electras Bemühungen, die Bilanz zu stärken und Initiativen zur Lieferkette kritischer Rohstoffe in Nordamerika voranzutreiben.
- Appointment of highly experienced executive David Stetson with proven track record of increasing market value
- Stetson's previous success in eliminating $800M debt and increasing market cap from $50M to $4B at Alpha Metallurgical
- Secured $2M bridge financing to support operations during restructuring
- Strategic move to strengthen balance sheet through recapitalization process
- Company undergoing restructuring and recapitalization process indicating financial challenges
- Current debt profile requires significant reduction
- High-interest rate (12%) on bridge financing indicates financial stress
TORONTO, Aug. 25, 2025 (GLOBE NEWSWIRE) -- Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce the appointment of David Stetson to its Board of Directors. Mr. Stetson is a seasoned executive with decades of leadership experience in the natural resources sector, including 14 years as a CEO.
During his tenure as CEO of Alpha Metallurgical Resources, the company’s market capitalization increased from
More recently he served on the board of Mallinckrodt Pharmaceuticals and chaired the Compliance and Corporate Governance Committee and served on the Transaction Committee. He played a significant role in helping the company reduce its indebtedness and complete its merger with Endo Pharmaceuticals.
Mr. Stetson brings a distinguished track record of driving operational improvements, building resilient organizations, and creating value for shareholders. He earned a Bachelor of Science degree from Murray State University, a juris doctorate from the Brandeis School of Law at the University of Louisville, and a Master of Business Administration degree from the University of Notre Dame.
“On behalf of the Board, I am delighted to welcome David to Electra,” said John Pollesel, Chair of Electra’s Board. “His proven expertise in guiding companies through expansion and delivering sustainable, long-term value will be instrumental as we bolster our financial foundation and deepen Electra's role in North America’s critical minerals supply chain.”
“David’s appointment marks an important step forward for Electra as we strengthen our balance sheet and sharpen our focus on core operations,” said Electra CEO, Trent Mell. “His track record of building strong, resilient companies, together with his industry leadership, strategic insight, and ability to develop and mentor high-performing teams, will be a tremendous asset as we advance our strategy and position Electra for long-term growth.”
“I am thrilled to join Trent and the team at Electra at such a pivotal time for the Company,” said Mr. Stetson. “Electra is uniquely positioned to advance North America’s critical mineral priorities by building secure, domestic supply chains that are essential to both the energy transition and national security. I look forward to working alongside my fellow directors and Electra’s leadership to build on the strong foundation already in place and create lasting value for all stakeholders.”
Electra’s appointment of Mr. Stetson comes following the recently announced recapitalization process with the holders of the Company’s senior secured convertible notes (the “Lenders”), designed to strengthen the Company’s balance sheet and provide a more stable financial foundation (see August 21, 2025 press release). This process, which includes new financing arrangements to support operations and strategic initiatives and a significant reduction in the Company’s debt profile, marks an important step toward positioning Electra for long-term success.
Company Update
The Company also announces the closing of its previously disclosed bridge financing (the “Bridge Financing”) to support operations during the Company’s restructuring and recapitalization with the Lenders. Pursuant to the Bridge Financing, the Lenders have purchased an aggregate principal amount of US
About Electra Battery Materials
Electra is a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulfate refinery, Electra’s strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential in North America. For more information, please visit www.ElectraBMC.com.
Contact
Heather Smiles
Vice President, Investor Relations & Corporate Development
Electra Battery Materials
info@ElectraBMC.com
1.416.900.3891
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, TSXV approval of the board appointment. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at www.sedarplus.com and with EDGAR at www.sec.gov. Other factors that could lead actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
FAQ
Who is David Stetson and why did ELBM appoint him to the Board of Directors?
What is the status of Electra Battery Materials' (ELBM) recapitalization process in 2025?
How will David Stetson's appointment impact ELBM's future strategy?
What are the terms of ELBM's new bridge financing announced in August 2025?
What is Electra Battery Materials' role in the North American critical minerals supply chain?
