Battery material miner American Battery Materials plans to transfer to the New York Stock Exchange with a 25% increase in fundraising size.

American Battery Materials increased the size of its upcoming initial public offering (IPO) on Tuesday. The Connecticut-based company now plans to issue 2.5 million shares of stock at a price of $6 per share, raising $15 million. The company had originally planned to issue 1.5 million shares of stock at $8.25 per share. By the midpoint calculation, American Battery Materials will raise 25% more funds than initially expected. The company is currently trading on the over-the-counter pink sheet market under the stock symbol "BLTH". American Battery Materials is a US-based exploration-stage mining company focused on developing lithium-magnesium brine resources in the Lisbon Valley of Utah. The company holds a large federal mining rights area in underground brine formations and is evaluating the use of Direct Lithium Extraction (DLE) technology to extract battery-related minerals from these brines. Currently, its operations are primarily focused on resource exploration, wellsite re-exploration and testing, and process development, with no established mineral reserves or mining revenue. American Battery Materials was founded in 2007. The company plans to list on the New York Stock Exchange American market (NYSE American), but has not yet selected a stock symbol. ThinkEquity is the exclusive underwriter for this transaction.