[144] CRA International, Inc. SEC Filing
Highbridge Capital Management, LLC has filed a Schedule 13D revealing a 9.9 % beneficial stake in Electra Battery Materials Corp. (ELBM). The firm controls 1.79 million common shares on an as-converted basis and 3.59 million shares if all warrants and notes were fully exercised, but a contractual blocker caps ownership at 9.9 % of the 17.96 million shares outstanding.
The investment, costing approximately $16.6 million, is held through Highbridge Tactical Credit funds and is structured as: (i) 1,079 common shares; (ii) $15.98 million 8.99 % 2028 convertible notes; (iii) $1.43 million 12 % 2027 convertible notes; and (iv) 1.40 million warrants (some exercised at $1.40). Interest on both note series is deferred until 15 Feb 2027; in return, coupons rise 2.25-2.5 percentage points and deferred interest accrues. The notes are first-lien and carry a cobalt-revenue royalty (0.1765 % capped at $1.77 million).
While originally passive, Highbridge is now in talks with management, creditors (Whitebox, UBS O鈥機onnor) and advisers to pursue a deleveraging & recapitalization of Electra鈥檚 cobalt refinery. Potential outcomes range from debt-for-equity swaps, new capital infusions and governance changes to possible board representation or control transactions. The filing signals an activist posture that could materially alter ELBM鈥檚 capital structure, liquidity profile and strategic direction.
Highbridge Capital Management, LLC ha depositato un Schedule 13D rivelando una partecipazione beneficiaria del 9,9% in Electra Battery Materials Corp. (ELBM). La societ脿 controlla 1,79 milioni di azioni ordinarie su base convertita e 3,59 milioni di azioni se tutti i warrant e le note fossero esercitati completamente, ma un vincolo contrattuale limita la propriet脿 al 9,9% delle 17,96 milioni di azioni in circolazione.
L'investimento, del valore di circa 16,6 milioni di dollari, 猫 detenuto tramite i fondi Highbridge Tactical Credit ed 猫 strutturato come segue: (i) 1.079 azioni ordinarie; (ii) 15,98 milioni di dollari in note convertibili 8,99% 2028; (iii) 1,43 milioni di dollari in note convertibili 12% 2027; e (iv) 1,40 milioni di warrant (alcuni esercitati a 1,40 dollari). Gli interessi su entrambe le serie di note sono differiti fino al 15 febbraio 2027; in cambio, i coupon aumentano di 2,25-2,5 punti percentuali e gli interessi differiti maturano. Le note sono garantite da un primo privilegio e prevedono una royalty sul fatturato del cobalto (0,1765%, con un tetto di 1,77 milioni di dollari).
Inizialmente passiva, Highbridge sta ora discutendo con la direzione, i creditori (Whitebox, UBS O鈥機onnor) e i consulenti per perseguire una riduzione del debito e una ricapitalizzazione della raffineria di cobalto di Electra. I possibili esiti includono scambi debito-per-equity, nuovi apporti di capitale e cambiamenti nella governance fino a una possibile rappresentanza nel consiglio o operazioni di controllo. Il deposito segnala un atteggiamento attivista che potrebbe modificare sostanzialmente la struttura del capitale, la liquidit脿 e la direzione strategica di ELBM.
Highbridge Capital Management, LLC ha presentado un Schedule 13D revelando una participaci贸n beneficiaria del 9,9% en Electra Battery Materials Corp. (ELBM). La firma controla 1,79 millones de acciones comunes en base convertida y 3,59 millones de acciones si se ejercieran completamente todos los warrants y notas, pero un l铆mite contractual restringe la propiedad al 9,9% de las 17,96 millones de acciones en circulaci贸n.
La inversi贸n, que cost贸 aproximadamente 16,6 millones de d贸lares, se mantiene a trav茅s de los fondos Highbridge Tactical Credit y est谩 estructurada como: (i) 1.079 acciones comunes; (ii) 15,98 millones de d贸lares en notas convertibles al 8,99% 2028; (iii) 1,43 millones de d贸lares en notas convertibles al 12% 2027; y (iv) 1,40 millones de warrants (algunos ejercidos a 1,40 d贸lares). Los intereses de ambas series de notas est谩n diferidos hasta el 15 de febrero de 2027; a cambio, los cupones aumentan entre 2,25 y 2,5 puntos porcentuales y los intereses diferidos se acumulan. Las notas son de primer gravamen y llevan una regal铆a sobre los ingresos del cobalto (0,1765%, con un tope de 1,77 millones de d贸lares).
Aunque inicialmente pasiva, Highbridge est谩 ahora en conversaciones con la direcci贸n, acreedores (Whitebox, UBS O鈥機onnor) y asesores para impulsar una desapalancamiento y recapitalizaci贸n de la refiner铆a de cobalto de Electra. Los posibles resultados incluyen canjes deuda-por-capital, nuevas inyecciones de capital y cambios en la gobernanza, hasta posible representaci贸n en el consejo o transacciones de control. La presentaci贸n se帽ala una postura activista que podr铆a alterar materialmente la estructura de capital, el perfil de liquidez y la direcci贸n estrat茅gica de ELBM.
Highbridge Capital Management, LLC電� Electra Battery Materials Corp. (ELBM)鞐� 雽�頃� 9.9%鞚� 鞁れ 歆�攵勳潉 瓿店皽頃橂姅 Schedule 13D毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 須岇偓電� 鞝勴櫂 旮办鞙茧 179毵� 欤检潣 氤错喌欤茧ゼ 氤挫湢頃橁碃 鞛堨溂氅�, 氇摖 鞗岆煱韸胳檧 毂勱秾鞚� 鞕勳爠頌� 頄夓偓霅� 瓴届毎 359毵� 欤茧ゼ 氤挫湢頃橃毵�, 瓿勳暯靸� 鞝滍暅鞙茧 鞚疙暣 鞝勳泊 氚滍枆 欤检嫕 1796毵� 欤检潣 9.9%搿� 靻岇湢甓岇澊 鞝滍暅霅╇媹雼�.
鞎� 1,660毵� 雼煬 攴滊鞚� 韴瀽電� Highbridge Tactical Credit 韼�霌滊ゼ 韱淀暣 氤挫湢霅橂┌ 雼れ潓瓿� 臧欖澊 甑劚霅╇媹雼�: (i) 1,079欤� 氤错喌欤�; (ii) 2028雲� 毵岅赴 8.99% 鞝勴櫂靷眲 1,598毵� 雼煬; (iii) 2027雲� 毵岅赴 12% 鞝勴櫂靷眲 143毵� 雼煬; (iv) 140毵� 鞗岆煱韸�(鞚茧秬電� 1.40雼煬鞐� 頄夓偓霅�). 霊� 毂勱秾 鞁滊Μ歃堨潣 鞚挫瀽電� 2027雲� 2鞗� 15鞚缄箤歆� 鞐瓣赴霅橂┌, 攴� 雽�臧�搿� 炜犿彴鞚� 2.25~2.5%韽澑韸� 鞚胳儊霅橁碃 鞐瓣赴 鞚挫瀽臧� 雸勳爜霅╇媹雼�. 鞚� 毂勱秾霌れ潃 靹犾垳鞙� 雼措炒甓岇潉 臧�歆�氅� 旖旊皽韸� 毵れ稖 靾橃澋鞐� 雽�頃� 搿滌棿韹�(0.1765%, 斓滊寑 177毵� 雼煬)毳� 韽暔頃╇媹雼�.
鞗愲灅電� 靾橂彊鞝侅澊鞐堨溂雮�, Highbridge電� 順勳灛 瓴届榿歆�, 毂勱秾鞛�(Whitebox, UBS O鈥機onnor) 氚� 鞛愲雼臣 順戩潣頃橃棳 Electra鞚� 旖旊皽韸� 鞝曥牅靻岇棎 雽�頃� 攵�毂� 於曥唽 氚� 鞛愲掣 鞛惮靹�鞚� 於旍 欷戩瀰雼堧嫟. 臧�電ロ暅 瓴瓣臣搿滊姅 攵�毂�-歆�攵� 甑愴櫂, 鞁犼窚 鞛愲掣 韴瀰, 歆�氚瓣惮臁� 氤�瓴�, 鞚挫偓須� 雽�響滉秾 霕愲姅 瓴届榿甓� 瓯半灅 霌膘澊 鞛堨姷雼堧嫟. 鞚措矆 鞝滌稖鞚� ELBM鞚� 鞛愲掣 甑“, 鞙犽彊靹� 頂勲頃� 氚� 鞝勲灥鞝� 氚╉枼鞐� 欷戨寑頃� 氤�頇旊ゼ 臧�鞝胳槵 靾� 鞛堧姅 頄夒彊欤检潣 鞛呾灔鞚� 雮橅儉雰呺媹雼�.
Highbridge Capital Management, LLC a d茅pos茅 un Schedule 13D r茅v茅lant une participation b茅n茅ficiaire de 9,9% dans Electra Battery Materials Corp. (ELBM). La soci茅t茅 contr么le 1,79 million d'actions ordinaires sur une base convertie et 3,59 millions d'actions si tous les bons de souscription et les billets 茅taient enti猫rement exerc茅s, mais une clause contractuelle limite la propri茅t茅 脿 9,9% des 17,96 millions d'actions en circulation.
L'investissement, d'environ 16,6 millions de dollars, est d茅tenu via les fonds Highbridge Tactical Credit et structur茅 comme suit : (i) 1 079 actions ordinaires ; (ii) 15,98 millions de dollars en billets convertibles 脿 8,99% 茅ch茅ance 2028 ; (iii) 1,43 million de dollars en billets convertibles 脿 12% 茅ch茅ance 2027 ; et (iv) 1,40 million de bons de souscription (certains exerc茅s 脿 1,40 dollar). Les int茅r锚ts des deux s茅ries de billets sont diff茅r茅s jusqu'au 15 f茅vrier 2027 ; en contrepartie, les coupons augmentent de 2,25 脿 2,5 points de pourcentage et les int茅r锚ts diff茅r茅s s'accumulent. Les billets b茅n茅ficient d'un premier rang et comportent une redevance sur les revenus du cobalt (0,1765%, plafonn茅e 脿 1,77 million de dollars).
Initialement passive, Highbridge est d茅sormais en discussions avec la direction, les cr茅anciers (Whitebox, UBS O鈥機onnor) et les conseillers pour poursuivre une d茅sendettement et une recapitalisation de la raffinerie de cobalt d鈥橢lectra. Les r茅sultats possibles vont des 茅changes dette contre actions, des apports de nouveaux capitaux et des changements de gouvernance 脿 une 茅ventuelle repr茅sentation au conseil d'administration ou des op茅rations de contr么le. Le d茅p么t signale une posture activiste qui pourrait modifier de mani猫re significative la structure du capital, la liquidit茅 et l鈥檕rientation strat茅gique d鈥橢LBM.
Highbridge Capital Management, LLC hat ein Schedule 13D eingereicht, das einen 9,9% wirtschaftlichen Anteil an Electra Battery Materials Corp. (ELBM) offenlegt. Das Unternehmen kontrolliert 1,79 Millionen Stammaktien auf umgerechneter Basis und 3,59 Millionen Aktien, falls alle Warrants und Notes vollst盲ndig ausge眉bt w眉rden, jedoch begrenzt eine vertragliche Sperre den Besitz auf 9,9% der insgesamt 17,96 Millionen ausstehenden Aktien.
Die Investition, die etwa 16,6 Millionen US-Dollar kostet, wird 眉ber Highbridge Tactical Credit Fonds gehalten und ist folgenderma脽en strukturiert: (i) 1.079 Stammaktien; (ii) 15,98 Millionen US-Dollar 8,99% Wandelanleihen 2028; (iii) 1,43 Millionen US-Dollar 12% Wandelanleihen 2027; und (iv) 1,40 Millionen Warrants (einige ausge眉bt zu 1,40 US-Dollar). Die Zinsen beider Anleihenserien sind bis zum 15. Februar 2027 aufgeschoben; im Gegenzug steigen die Kupons um 2,25-2,5 Prozentpunkte und aufgeschobene Zinsen werden angesammelt. Die Anleihen sind mit Erstpfandrechten versehen und beinhalten eine Kobalt-Umsatzbeteiligung (0,1765% mit einer Obergrenze von 1,77 Millionen US-Dollar).
Urspr眉nglich passiv, f眉hrt Highbridge nun Gespr盲che mit dem Management, Gl盲ubigern (Whitebox, UBS O鈥機onnor) und Beratern, um eine Entschuldung und Rekapitalisierung der Kobalt-Raffinerie von Electra voranzutreiben. M枚gliche Ergebnisse reichen von Debt-for-Equity-Swaps, neuen Kapitaleinlagen und Governance-脛nderungen bis hin zu m枚glicher Vorstandsvertretung oder Kontrolltransaktionen. Die Meldung signalisiert eine aktivistische Haltung, die die Kapitalstruktur, die Liquidit盲tslage und die strategische Ausrichtung von ELBM erheblich ver盲ndern k枚nnte.
- Strategic capital commitment of roughly $16.6 million signals confidence in ELBM鈥檚 long-term prospects.
- Interest-payment deferral to 2027 improves near-term liquidity and supports refinery development.
- Potential debt-for-equity recapitalization could meaningfully reduce leverage and strengthen the balance sheet.
- Coordinated creditor group increases likelihood of a comprehensive, negotiated solution rather than an adversarial process.
- Up to 20 % pro-forma equity dilution if all notes convert and warrants are exercised.
- Higher coupon rates (additional 2.25-2.5 %) raise future interest burden if conversion is delayed.
- First-lien security and cobalt royalty add claims senior to common equity, limiting residual value.
- Possible change-of-control or board overhaul introduces governance uncertainty for existing shareholders.
Insights
TL;DR: Highbridge鈥檚 9.9 % stake positions it to drive a debt-for-equity recap that could cut leverage and unlock refinery value.
Highbridge controls nearly all of ELBM鈥檚 secured debt and 1.4 million warrants, giving it multiple levers to influence strategy. The note-interest deferral eases near-term cash burn and indicates cooperative negotiations. If Highbridge converts a portion of its $17.4 million notes and exercises warrants, equity dilution would be offset by lower leverage and improved solvency鈥攌ey for financing the cobalt sulfate refinery. Coordinating with other creditors strengthens bargaining power and raises odds of a comprehensive restructuring. For investors, a successful recap could de-risk the balance sheet, facilitate project funding and support a re-rating.
TL;DR: Activist debt holders boost default runway but carry high dilution and governance-change risk for existing shareholders.
The 9.9 % blocker masks a much larger economic position鈥�3.59 million shares (20 % of pro-forma float) if restrictions are lifted. Debt-for-equity swaps, additional warrant exercises and potential new issuances would materially dilute current holders. Elevated coupons on deferred interest (8.99 %+2.25 %, 12 %+2.5 %) increase long-term interest expense if no conversion occurs. First-lien security and royalty obligations subordinate common equity recovery in downside scenarios. Activist negotiations could yield favourable terms for noteholders at the expense of minority investors, heightening governance uncertainty.
Highbridge Capital Management, LLC ha depositato un Schedule 13D rivelando una partecipazione beneficiaria del 9,9% in Electra Battery Materials Corp. (ELBM). La societ脿 controlla 1,79 milioni di azioni ordinarie su base convertita e 3,59 milioni di azioni se tutti i warrant e le note fossero esercitati completamente, ma un vincolo contrattuale limita la propriet脿 al 9,9% delle 17,96 milioni di azioni in circolazione.
L'investimento, del valore di circa 16,6 milioni di dollari, 猫 detenuto tramite i fondi Highbridge Tactical Credit ed 猫 strutturato come segue: (i) 1.079 azioni ordinarie; (ii) 15,98 milioni di dollari in note convertibili 8,99% 2028; (iii) 1,43 milioni di dollari in note convertibili 12% 2027; e (iv) 1,40 milioni di warrant (alcuni esercitati a 1,40 dollari). Gli interessi su entrambe le serie di note sono differiti fino al 15 febbraio 2027; in cambio, i coupon aumentano di 2,25-2,5 punti percentuali e gli interessi differiti maturano. Le note sono garantite da un primo privilegio e prevedono una royalty sul fatturato del cobalto (0,1765%, con un tetto di 1,77 milioni di dollari).
Inizialmente passiva, Highbridge sta ora discutendo con la direzione, i creditori (Whitebox, UBS O鈥機onnor) e i consulenti per perseguire una riduzione del debito e una ricapitalizzazione della raffineria di cobalto di Electra. I possibili esiti includono scambi debito-per-equity, nuovi apporti di capitale e cambiamenti nella governance fino a una possibile rappresentanza nel consiglio o operazioni di controllo. Il deposito segnala un atteggiamento attivista che potrebbe modificare sostanzialmente la struttura del capitale, la liquidit脿 e la direzione strategica di ELBM.
Highbridge Capital Management, LLC ha presentado un Schedule 13D revelando una participaci贸n beneficiaria del 9,9% en Electra Battery Materials Corp. (ELBM). La firma controla 1,79 millones de acciones comunes en base convertida y 3,59 millones de acciones si se ejercieran completamente todos los warrants y notas, pero un l铆mite contractual restringe la propiedad al 9,9% de las 17,96 millones de acciones en circulaci贸n.
La inversi贸n, que cost贸 aproximadamente 16,6 millones de d贸lares, se mantiene a trav茅s de los fondos Highbridge Tactical Credit y est谩 estructurada como: (i) 1.079 acciones comunes; (ii) 15,98 millones de d贸lares en notas convertibles al 8,99% 2028; (iii) 1,43 millones de d贸lares en notas convertibles al 12% 2027; y (iv) 1,40 millones de warrants (algunos ejercidos a 1,40 d贸lares). Los intereses de ambas series de notas est谩n diferidos hasta el 15 de febrero de 2027; a cambio, los cupones aumentan entre 2,25 y 2,5 puntos porcentuales y los intereses diferidos se acumulan. Las notas son de primer gravamen y llevan una regal铆a sobre los ingresos del cobalto (0,1765%, con un tope de 1,77 millones de d贸lares).
Aunque inicialmente pasiva, Highbridge est谩 ahora en conversaciones con la direcci贸n, acreedores (Whitebox, UBS O鈥機onnor) y asesores para impulsar una desapalancamiento y recapitalizaci贸n de la refiner铆a de cobalto de Electra. Los posibles resultados incluyen canjes deuda-por-capital, nuevas inyecciones de capital y cambios en la gobernanza, hasta posible representaci贸n en el consejo o transacciones de control. La presentaci贸n se帽ala una postura activista que podr铆a alterar materialmente la estructura de capital, el perfil de liquidez y la direcci贸n estrat茅gica de ELBM.
Highbridge Capital Management, LLC電� Electra Battery Materials Corp. (ELBM)鞐� 雽�頃� 9.9%鞚� 鞁れ 歆�攵勳潉 瓿店皽頃橂姅 Schedule 13D毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 須岇偓電� 鞝勴櫂 旮办鞙茧 179毵� 欤检潣 氤错喌欤茧ゼ 氤挫湢頃橁碃 鞛堨溂氅�, 氇摖 鞗岆煱韸胳檧 毂勱秾鞚� 鞕勳爠頌� 頄夓偓霅� 瓴届毎 359毵� 欤茧ゼ 氤挫湢頃橃毵�, 瓿勳暯靸� 鞝滍暅鞙茧 鞚疙暣 鞝勳泊 氚滍枆 欤检嫕 1796毵� 欤检潣 9.9%搿� 靻岇湢甓岇澊 鞝滍暅霅╇媹雼�.
鞎� 1,660毵� 雼煬 攴滊鞚� 韴瀽電� Highbridge Tactical Credit 韼�霌滊ゼ 韱淀暣 氤挫湢霅橂┌ 雼れ潓瓿� 臧欖澊 甑劚霅╇媹雼�: (i) 1,079欤� 氤错喌欤�; (ii) 2028雲� 毵岅赴 8.99% 鞝勴櫂靷眲 1,598毵� 雼煬; (iii) 2027雲� 毵岅赴 12% 鞝勴櫂靷眲 143毵� 雼煬; (iv) 140毵� 鞗岆煱韸�(鞚茧秬電� 1.40雼煬鞐� 頄夓偓霅�). 霊� 毂勱秾 鞁滊Μ歃堨潣 鞚挫瀽電� 2027雲� 2鞗� 15鞚缄箤歆� 鞐瓣赴霅橂┌, 攴� 雽�臧�搿� 炜犿彴鞚� 2.25~2.5%韽澑韸� 鞚胳儊霅橁碃 鞐瓣赴 鞚挫瀽臧� 雸勳爜霅╇媹雼�. 鞚� 毂勱秾霌れ潃 靹犾垳鞙� 雼措炒甓岇潉 臧�歆�氅� 旖旊皽韸� 毵れ稖 靾橃澋鞐� 雽�頃� 搿滌棿韹�(0.1765%, 斓滊寑 177毵� 雼煬)毳� 韽暔頃╇媹雼�.
鞗愲灅電� 靾橂彊鞝侅澊鞐堨溂雮�, Highbridge電� 順勳灛 瓴届榿歆�, 毂勱秾鞛�(Whitebox, UBS O鈥機onnor) 氚� 鞛愲雼臣 順戩潣頃橃棳 Electra鞚� 旖旊皽韸� 鞝曥牅靻岇棎 雽�頃� 攵�毂� 於曥唽 氚� 鞛愲掣 鞛惮靹�鞚� 於旍 欷戩瀰雼堧嫟. 臧�電ロ暅 瓴瓣臣搿滊姅 攵�毂�-歆�攵� 甑愴櫂, 鞁犼窚 鞛愲掣 韴瀰, 歆�氚瓣惮臁� 氤�瓴�, 鞚挫偓須� 雽�響滉秾 霕愲姅 瓴届榿甓� 瓯半灅 霌膘澊 鞛堨姷雼堧嫟. 鞚措矆 鞝滌稖鞚� ELBM鞚� 鞛愲掣 甑“, 鞙犽彊靹� 頂勲頃� 氚� 鞝勲灥鞝� 氚╉枼鞐� 欷戨寑頃� 氤�頇旊ゼ 臧�鞝胳槵 靾� 鞛堧姅 頄夒彊欤检潣 鞛呾灔鞚� 雮橅儉雰呺媹雼�.
Highbridge Capital Management, LLC a d茅pos茅 un Schedule 13D r茅v茅lant une participation b茅n茅ficiaire de 9,9% dans Electra Battery Materials Corp. (ELBM). La soci茅t茅 contr么le 1,79 million d'actions ordinaires sur une base convertie et 3,59 millions d'actions si tous les bons de souscription et les billets 茅taient enti猫rement exerc茅s, mais une clause contractuelle limite la propri茅t茅 脿 9,9% des 17,96 millions d'actions en circulation.
L'investissement, d'environ 16,6 millions de dollars, est d茅tenu via les fonds Highbridge Tactical Credit et structur茅 comme suit : (i) 1 079 actions ordinaires ; (ii) 15,98 millions de dollars en billets convertibles 脿 8,99% 茅ch茅ance 2028 ; (iii) 1,43 million de dollars en billets convertibles 脿 12% 茅ch茅ance 2027 ; et (iv) 1,40 million de bons de souscription (certains exerc茅s 脿 1,40 dollar). Les int茅r锚ts des deux s茅ries de billets sont diff茅r茅s jusqu'au 15 f茅vrier 2027 ; en contrepartie, les coupons augmentent de 2,25 脿 2,5 points de pourcentage et les int茅r锚ts diff茅r茅s s'accumulent. Les billets b茅n茅ficient d'un premier rang et comportent une redevance sur les revenus du cobalt (0,1765%, plafonn茅e 脿 1,77 million de dollars).
Initialement passive, Highbridge est d茅sormais en discussions avec la direction, les cr茅anciers (Whitebox, UBS O鈥機onnor) et les conseillers pour poursuivre une d茅sendettement et une recapitalisation de la raffinerie de cobalt d鈥橢lectra. Les r茅sultats possibles vont des 茅changes dette contre actions, des apports de nouveaux capitaux et des changements de gouvernance 脿 une 茅ventuelle repr茅sentation au conseil d'administration ou des op茅rations de contr么le. Le d茅p么t signale une posture activiste qui pourrait modifier de mani猫re significative la structure du capital, la liquidit茅 et l鈥檕rientation strat茅gique d鈥橢LBM.
Highbridge Capital Management, LLC hat ein Schedule 13D eingereicht, das einen 9,9% wirtschaftlichen Anteil an Electra Battery Materials Corp. (ELBM) offenlegt. Das Unternehmen kontrolliert 1,79 Millionen Stammaktien auf umgerechneter Basis und 3,59 Millionen Aktien, falls alle Warrants und Notes vollst盲ndig ausge眉bt w眉rden, jedoch begrenzt eine vertragliche Sperre den Besitz auf 9,9% der insgesamt 17,96 Millionen ausstehenden Aktien.
Die Investition, die etwa 16,6 Millionen US-Dollar kostet, wird 眉ber Highbridge Tactical Credit Fonds gehalten und ist folgenderma脽en strukturiert: (i) 1.079 Stammaktien; (ii) 15,98 Millionen US-Dollar 8,99% Wandelanleihen 2028; (iii) 1,43 Millionen US-Dollar 12% Wandelanleihen 2027; und (iv) 1,40 Millionen Warrants (einige ausge眉bt zu 1,40 US-Dollar). Die Zinsen beider Anleihenserien sind bis zum 15. Februar 2027 aufgeschoben; im Gegenzug steigen die Kupons um 2,25-2,5 Prozentpunkte und aufgeschobene Zinsen werden angesammelt. Die Anleihen sind mit Erstpfandrechten versehen und beinhalten eine Kobalt-Umsatzbeteiligung (0,1765% mit einer Obergrenze von 1,77 Millionen US-Dollar).
Urspr眉nglich passiv, f眉hrt Highbridge nun Gespr盲che mit dem Management, Gl盲ubigern (Whitebox, UBS O鈥機onnor) und Beratern, um eine Entschuldung und Rekapitalisierung der Kobalt-Raffinerie von Electra voranzutreiben. M枚gliche Ergebnisse reichen von Debt-for-Equity-Swaps, neuen Kapitaleinlagen und Governance-脛nderungen bis hin zu m枚glicher Vorstandsvertretung oder Kontrolltransaktionen. Die Meldung signalisiert eine aktivistische Haltung, die die Kapitalstruktur, die Liquidit盲tslage und die strategische Ausrichtung von ELBM erheblich ver盲ndern k枚nnte.
FAQ
How much of Electra Battery Materials (ELBM) does Highbridge own?
What securities does Highbridge hold in ELBM?
What is the impact of the interest deferral agreement?
Could Highbridge seek control of ELBM?
Will existing ELBM shareholders face dilution?
What royalty rights does Highbridge receive?
