What the changes say
- Shifted focus to boron and calcium byproducts, dropping lithium and SOP plans entirely.
- Advanced from exploration to preliminary feasibility stage, establishing mineral reserves.
- Major stockholders now control nearly 69% of voting power.
What changed since the prior 10-K
New
- NewRisks Relating to Our Business
Expansion phases of additional tonnage of borates and calcium based co-products, advanced boron materials, and economically accretive byproducts
Commercial-scale facility capital expenditures and timelines are subject to change due to labor, equipment inflation, and future SSF operating data.
- NewRisks Relating to Our Business
cause uncertainty or other negative consequences that may materially and adversely affect our business, financial performance and operating results
Inability to finalize binding agreements with customers like Borman Specialty Materials, Rose Mill, Corning, Estes Energetics, and Orbital Composites could harm growth.
- NewRisks Relating to Our Business
confidence and spending, and a decrease in the availability of credit or on commercially acceptable terms, which could have a material adverse effect on our business prospects or financial condition
Cyclical downturns in customer industries like energy, automotive, and agriculture could reduce sales and profitability.
- NewRisks Relating to Our Business
Challenges to our mining claims could adversely affect our operations and financial condition
Third parties or regulators may successfully challenge the validity, tenure, or boundary characterization of our unpatented mining claims.
- NewRisks Relating to Our Business
The boundaries or location of a mining claim have been incorrectly established or recorded
Successfully challenged mining claims could result in the loss of mineral deposit rights and costly modifications to mining plans.
- NewRisks Relating to Our Business
neighborhood groups, municipalities and other entities either during the permit application process, including during any public hearings, comment periods or appeal proceedings, or after environmental permits are issued. We could also experience renewed opposition if any permit requires amendment
Neighborhood groups and municipalities may oppose permit applications or renewals, causing costly delays or operational restrictions.
- NewRisks Relating to Our Business
Changes in U.S. trade policies, including the imposition of tariffs, could materially increase the cost of constructing our proposed commercial-scale facility and materially adversely impact the economic viability of our project
U.S. trade tariffs on imported equipment from Europe and elsewhere could increase our $435 million commercial-scale facility construction budget.
- NewRisks Relating to Our Business
We are dependent on various supplies and equipment to carry out our mineral exploration and development activities. Any shortage of such supplies, equipment and parts could have a material adverse effect on our ability to carry out our operations and therefore limit or increase the cost of potential future production
Fluctuating prices for raw materials like steel, fiberglass reinforced plastic, and bulk chemicals could increase operational costs.
- NewRisks Relating to Our Business
New or evolving sustainability and climate-related disclosure obligations, as well as increased expectations regarding management of sustainability matters from various stakeholders, could result in additional costs for compliance, restrictions on our access to capital, and increased litigation and reputational risk
New SEC climate disclosure rules and California climate laws (SB 253 and SB 261) could increase compliance costs and litigation risks.
- NewRisks Relating to Our Business
In September 2024, Australia introduced sustainability and climate-related reporting requirements into the Corporations Act. As a registered foreign company, the Company is not required to prepare a sustainability report under these requirements
Australian sustainability reporting requirements and evolving stakeholder expectations could increase compliance costs and restrict capital access.
- NewRisks Relating to Our Business
have an adverse effect on our development plans or future operations and may impact relationships with the communities in which we ultimately operate and other associated stakeholders
Disputes with local communities and Indigenous peoples over land use could lead to costly settlement agreements or royalty payments.
- NewRisks Relating to Our Common Stock and CDIs
Our largest stockholders control a significant percentage of our voting power and may be able to exert significant control over the direction of our business
Our largest stockholders, Bluescape, Meridian, and Ascend, control 68.7% of our voting power and can dictate corporate actions.
- NewRisks Relating to Our Common Stock and CDIs
We have in the past and may again in the future receive a notice of the failure to satisfy a continued listing rule from Nasdaq
Dropped
- DroppedRisks Relating to Our Business
Full operation includes targeting production of 450,000 short tons of boric acid and 5,500 short tons of lithium carbonate per annum
- DroppedRisks Relating to Our Business
Changes in technology or other developments could adversely affect demand for lithium compounds or result in preferences for substitute products
- DroppedRisks Relating to Our Business
Our growth depends upon the continued growth in demand for electric vehicles with high performance lithium compounds
- DroppedRisks Relating to Our Business
In May 2021, we announced the entry into a non-binding letter of intent with Compass Minerals America Inc. (“Compass Minerals”), a subsidiary of NYSE-listed Compass Minerals, Inc., to progress negotiations with respect to Compass Minerals taking responsibility for the sales and marketing of SOP from our operations
- DroppedRisks Relating to Our Business
A shortage of equipment or disruption in our supply chain could adversely affect our ability to operate our business
- DroppedRisks Relating to Our Business
particularly given the inherent complexity of multiple, overlapping GHG reporting regulations with respect to calculating and reporting GHG emissions
- DroppedRisks Relating to Our Business
The transition to a new Chief Executive Officer (“CEO”) and new Interim Chief Financial Officer (“CFO”) will be critical to our success and our business may be adversely impacted if we do not successfully manage the transition process
- DroppedRisks Relating to Our Business
Risks related to global economic instability, including global supply chain issues, inflation and fuel and energy costs may affect our business
Targeting production of 450,000 short tons of boric acid and 5,500 short tons of lithium carbonate.
- DroppedRisks Relating to Our Common Stock and CDIs
we have elected to rely on an exemption from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act relating to internal control over financial reporting, and we will not provide such an attestation from our auditors
- DroppedRisks Relating to Our Common Stock and CDIs
committed external source of funds. In addition, we may seek additional capital due to favorable market conditions or strategy considerations, even if we believe that we have sufficient funds for our current or future operating plans
- DroppedRisks Relating to Our Common Stock and CDIs
Nasdaq may de-list our securities from its exchange, which could limit investors’ ability to transact in our securities, subject us to additional trading restrictions and substantially increase the number of shares issuable upon conversion of our outstanding convertible notes
- DroppedRisks Related to the Convertible Notes
There are risks associated with our Convertible Notes that could adversely affect our business and financial condition
- DroppedRisks Related to the Convertible Notes
Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our debt
- DroppedRisks Related to the Convertible Notes
Our obligations to the purchaser under the Convertible Notes are secured by a security interest in substantially all of our assets, and if we default on those obligations, the purchaser could foreclose on our assets
- DroppedRisks Related to the Convertible Notes
We may require additional financing to sustain or grow our operations and such additional capital may not be available to us, or only available to us on unfavorable terms
- DroppedRisks Relating to our Reorganization
We may be unable to achieve some or all of the benefits that we expect to achieve from the Reorganization, which could materially adversely affect our business, financial condition and results of operations
Reworded
- 90% rewrittenRisks Relating to Our Common Stock and CDIs
Exercise of our outstanding warrants will dilute the ownership interest of our existing stockholders or may otherwise depress the price of our Common Stock
Updated to disclose the issuance of restructuring warrants to Bluescape and Ascend for 5,632,692 shares at $3.5507 and Series A/B warrants.
Was: Conversion of the notes will dilute the ownership interest of our existing stockholders or may otherwise depress the price of our Common Stock
- 89% rewrittenRisks Relating to Our Business
a focus on boron (as opposed to boron and SOP under our previous plans) and calcium-based co-products
Removed lithium production plans and updated Phase 1 to target 130,000 short tons of boric acid with calcium byproducts by 2028.
Was: a focus on boron and lithium extraction (as opposed to boron and SOP under our previous plans)
- 89% rewrittenRisks Relating to Our Common Stock and CDIs
Raising additional capital could adversely affect the voting power or value of our Common Stock and CDIs
Added explicit statement that we do not currently have any committed external source of funds.
- 86% rewrittenRisks Relating to Our Business
Fluctuations in the value of the United States dollar relative to other currencies may adversely affect our business
Expanded to explain how a strong U.S. dollar reduces export competitiveness and international sales volumes.
- 76% rewrittenRisks Relating to Our Business
In May 2023, we signed a non-binding letter of intent with Orbital Composites to provide boron feedstock for 3D printing of wind turbines, permanent magnets, and boron carbide for defense applications
Refined wording regarding non-binding agreements with Orbital Composites for boron feedstock.
- 73% rewrittenRisks Relating to Our Business
Uncertain global economic conditions could have a material adverse effect on our business, financial condition, results of operations or prospects, including the pricing of our products
Added reference to the 2020 coronavirus pandemic economic contraction and tariff policies as economic risk factors.
- 67% rewrittenRisks Relating to Our Business
We are a development stage company and our estimates of mineral resources and reserves remain inherently uncertain and subject to significant change, and the actual volume and grade of material actually recovered may differ materially from current estimates
Updated to reflect filing a Preliminary Feasibility Study in August 2025 and converting resources into proven and probable reserves.
Was: We are an exploration stage company with no known Proven or Probable Mineral Reserves, our estimates of resources and mineralized material are inherently uncertain and subject to change, and the volume and grade of ore actually recovered may vary from our estimates
- 65% rewrittenRisks Relating to Our Common Stock and CDIs
a decreased ability to issue additional securities or obtain additional financing in the future
Removed specific details regarding the convertible notes make-whole fundamental change text.
- 64% rewrittenRisks Relating to Our Business
The physical consequences of climate change could have a material adverse effect on our properties and proposed business activities
- 64% rewrittenRisks Relating to Our Business
adverse regulatory actions that affect our development and construction plans or the use of borates generally
Was: adverse regulatory actions that affect our development and construction plans or the use of borates or lithium generally
- 54% rewrittenRisks Relating to Our Business
Our long-term success will depend on our ability to enter into and deliver product under supply agreements
- 53% rewrittenRisks Relating to Our Business
All of our business activities are now in the development stage, but there can be no assurance that our development efforts will result in commercial development
Was: All of our business activities are now in the exploration stage and there can be no assurance that our exploration efforts will result in commercial development
- 47% rewrittenRisks Relating to Our Business
Our inability to continue to operate the SSF, and our inability to complete further technical and economic studies with respect to the Project, may have a material adverse impact on the Project
Was: Our inability to successfully operate the SSF, and our inability to complete further technical and economic studies (including a bankable feasibility study) with respect to the Project, may have a material adverse impact on the Project
- 47% rewrittenRisks Relating to Our Business
Restrictions on our ability to obtain, recycle and dispose of water may impact our ability to execute our development plans in a timely or cost-effective manner
- 43% rewrittenRisks Relating to Our Business
If we do not obtain additional financing and maintain sufficient funds to continue our ongoing development and proposed operations, our proposed business may be at risk or the execution of our business plan may be delayed
- 43% rewrittenRisks Relating to Our Business
Our future performance is difficult to evaluate because we have no or only a limited operating history in the minerals industry and no revenue from our proposed extraction operations at our properties, which may negatively impact our ability to achieve our business objectives
- 41% rewrittenRisks Relating to Our Common Stock and CDIs
If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, the market price and trading volume of our Common Stock and CDIs could decline
- 38% rewrittenRisks Relating to Our Business
The operation or development of our facilities could be adversely affected by local communities and/or other stakeholders
- 36% rewrittenRisks Relating to Our Business
We currently plan to continue to invest significant amounts of capital in a variety of exploration activities, which involve many uncertainties and risks that could prevent us from realizing profits or may result in the total or partial loss of our investment
- 35% rewrittenRisks Relating to Our Business
There is substantial doubt regarding our ability to continue as a going concern. We will need to raise substantial additional funding, which may not be available on acceptable terms, if at all, to be able to continue as a going concern and advance our Project
- 33% rewrittenRisks Relating to Our Common Stock and CDIs
An active trading market for our Common Stock and CDIs may not be sustained and the trading price for our Common Stock and CDIs may fluctuate significantly
- 29% rewrittenRisks Relating to Our Business
Our growth depends upon the continued growth in demand for end use and future facing applications that require borates, lithium, and related minerals and compounds we expect to produce
- 28% rewrittenRisks Relating to Our Common Stock and CDIs
The market price and trading volume of our Common Stock and CDIs may be volatile and may be affected by economic conditions beyond our control
- 27% rewrittenRisks Relating to Our Business
In May 2022, we also announced entry into a non-binding letter of intent with Rose Mill. Under the terms of the letter of intent, we agreed to work together on supplying advanced boron materials that focus on industrial and military applications
Was: In May 2022, we also announced the entry into a non-binding letter of intent with Rose Mill. Under the terms of the letter of intent, we agreed to work together on supplying advanced materials that focus on industrial and military applications
- 25% rewrittenRisks Relating to Our Business
We will need to obtain additional financing to continue as a going concern and to continue our ongoing development and proposed operations
- 25% rewrittenRisks Relating to Our Business
We have a limited history of mineral production and we may not be able to successfully achieve our business strategies, including our downstream processing ambitions
Was: We have no history of mineral production and we may not be able to successfully achieve our business strategies, including our downstream processing ambitions
- 23% rewrittenRisks Relating to Our Common Stock and CDIs
the date on which we are deemed to be a “large accelerated filer,” as defined in Rule 12b-2 of the Exchange Act, which would occur if the market value of our Common Stock that are held by non-affiliates exceeds US$700,000,000 as of the last day of our most recently completed second fiscal quarter
- 23% rewrittenRisks Relating to Our Business
We face risks relating to mining, exploration, and mine construction, if warranted, on our properties
- 22% rewrittenRisks Relating to Our Business
The cost and availability of electricity and natural gas are subject to volatile market conditions
- 22% rewrittenRisks Relating to Our Business
The mining industry is historically a cyclical industry and market fluctuations in the prices of borates and other minerals could adversely affect our business
Was: The mining industry is historically a cyclical industry and market fluctuations in the prices of borates, lithium, and lithium byproducts and other minerals could adversely affect our business
- 21% rewrittenRisks Relating to Our Business
Competition with and new production of borates and other minerals from current or new competitors in the market could adversely affect prices and our proposed business
Was: Competition with and new production of borates, lithium, and other minerals from current or new competitors in the market could adversely affect prices and our proposed business
All 88 risk factors
Headings as the filing states them, in filing order.
Risks Relating to Our Business
- 01There is substantial doubt regarding our ability to continue as a going concern. We will need to raise substantial additional funding, which may not be available on acceptable terms, if at all, to be able to continue as a going concern and advance our Project35% rewritten
- 02We will need to obtain additional financing to continue as a going concern and to continue our ongoing development and proposed operations25% rewritten
- 03We have incurred significant net operating losses since our inception and anticipate that we will incur continued losses for the foreseeable future
- 04Our future performance is difficult to evaluate because we have no or only a limited operating history in the minerals industry and no revenue from our proposed extraction operations at our properties, which may negatively impact our ability to achieve our business objectives43% rewritten
- 05If we do not obtain additional financing and maintain sufficient funds to continue our ongoing development and proposed operations, our proposed business may be at risk or the execution of our business plan may be delayed43% rewritten
- 06adverse regulatory actions that affect our development and construction plans or the use of borates generally64% rewritten
- 07a focus on boron (as opposed to boron and SOP under our previous plans) and calcium-based co-products89% rewritten
- 08Expansion phases of additional tonnage of borates and calcium based co-products, advanced boron materials, and economically accretive byproductsNew
- 09Our inability to continue to operate the SSF, and our inability to complete further technical and economic studies with respect to the Project, may have a material adverse impact on the Project47% rewritten
- 10We have a limited history of mineral production and we may not be able to successfully achieve our business strategies, including our downstream processing ambitions25% rewritten
- 11We may be unable to develop or acquire certain intellectual property required to implement our business strategy successfully
- 12Third parties may claim that we infringe on their proprietary intellectual property rights, and resulting litigation may be costly, result in diversion of management’s time and efforts, require us to pay damages or prevent us from marketing our future products
- 13All of our business activities are now in the development stage, but there can be no assurance that our development efforts will result in commercial development53% rewritten
- 14We are a development stage company and our estimates of mineral resources and reserves remain inherently uncertain and subject to significant change, and the actual volume and grade of material actually recovered may differ materially from current estimates67% rewritten
- 15Estimates relating to the development of the Project and mine plan are uncertain and we may incur higher costs and lower economic returns than estimated
- 16other known and unknown risks involved in the conduct of exploration, development and the operation of mines
- 17We depend on a single mining project
- 18Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our proposed operating activities
- 19global political, economic and market conditions, including political disturbances, war, terrorist attacks and changes in global trade policies and tariffs
- 20Our growth depends upon the continued growth in demand for end use and future facing applications that require borates, lithium, and related minerals and compounds we expect to produce29% rewritten
- 21Our long-term success will depend on our ability to enter into and deliver product under supply agreements54% rewritten
- 22In May 2022, we also announced entry into a non-binding letter of intent with Rose Mill. Under the terms of the letter of intent, we agreed to work together on supplying advanced boron materials that focus on industrial and military applications27% rewritten
- 23In May 2023, we signed a non-binding letter of intent with Orbital Composites to provide boron feedstock for 3D printing of wind turbines, permanent magnets, and boron carbide for defense applications76% rewritten
- 24cause uncertainty or other negative consequences that may materially and adversely affect our business, financial performance and operating resultsNew
- 25The cost and availability of electricity and natural gas are subject to volatile market conditions22% rewritten
- 26Inadequate infrastructure may constrain our future mining operations, including at the Project
- 27Uncertain global economic conditions could have a material adverse effect on our business, financial condition, results of operations or prospects, including the pricing of our products73% rewritten
- 28confidence and spending, and a decrease in the availability of credit or on commercially acceptable terms, which could have a material adverse effect on our business prospects or financial conditionNew
- 29Our business could be affected by macroeconomic risks
- 30Government efforts to combat inflation, along with other interest rate pressures arising from a recently inflationary economic environment, could lead to higher financing and Project completion costs
- 31Title to mineral properties and related water rights is a complex process and we may suffer a material adverse effect in the event the Project property or other properties that we may acquire are determined to have title deficiencies
- 32Challenges to our mining claims could adversely affect our operations and financial conditionNew
- 33The boundaries or location of a mining claim have been incorrectly established or recordedNew
- 34Restrictions on our ability to obtain, recycle and dispose of water may impact our ability to execute our development plans in a timely or cost-effective manner47% rewritten
- 35neighborhood groups, municipalities and other entities either during the permit application process, including during any public hearings, comment periods or appeal proceedings, or after environmental permits are issued. We could also experience renewed opposition if any permit requires amendmentNew
- 36The mining industry is historically a cyclical industry and market fluctuations in the prices of borates and other minerals could adversely affect our business22% rewritten
- 37Fluctuations in the value of the United States dollar relative to other currencies may adversely affect our business86% rewritten
- 38We face risks relating to mining, exploration, and mine construction, if warranted, on our properties23% rewritten
- 39other unknown risks involved in the conduct of exploration and operation of mines
- 40Mineral exploration and development, such as our proposed operations, are subject to extraordinary risks
- 41Our proposed facilities or operations could be adversely affected by natural or human causes outside of our control, such as natural disasters, wars or health epidemics or pandemics
- 42A shortage of skilled technicians and engineers may further increase our operating costs, which may materially adversely affect our results of operations
- 43Changes in U.S. trade policies, including the imposition of tariffs, could materially increase the cost of constructing our proposed commercial-scale facility and materially adversely impact the economic viability of our projectNew
- 44We are dependent on various supplies and equipment to carry out our mineral exploration and development activities. Any shortage of such supplies, equipment and parts could have a material adverse effect on our ability to carry out our operations and therefore limit or increase the cost of potential future productionNew
- 45Disruptions in production at our proposed facilities may have a material adverse impact on our business, results of operations and/or financial condition
- 46Failure by our vendors or our component or raw material suppliers to use legal or ethical business practices and comply with applicable laws and regulations may adversely affect our proposed business
- 47Competition with and new production of borates and other minerals from current or new competitors in the market could adversely affect prices and our proposed business21% rewritten
- 48Industry consolidation may result in increased competition, which could have a material adverse effect on our proposed business
- 49We are subject to significant environmental and government regulations and compliance with such regulations requires significant expenditures
- 50We may in the future be subject to claims by third parties or employees relating to exposure to hazardous materials and the associated liabilities may be material
- 51We may face increased costs and be subject to liability resulting from the generation and disposal of certain wastes, including hazardous wastes, in the course of the Project’s development and/or other future operations
- 52Land reclamation requirements may be burdensome on our financial position
- 53The physical consequences of climate change could have a material adverse effect on our properties and proposed business activities64% rewritten
- 54New or evolving sustainability and climate-related disclosure obligations, as well as increased expectations regarding management of sustainability matters from various stakeholders, could result in additional costs for compliance, restrictions on our access to capital, and increased litigation and reputational riskNew
- 55In September 2024, Australia introduced sustainability and climate-related reporting requirements into the Corporations Act. As a registered foreign company, the Company is not required to prepare a sustainability report under these requirementsNew
- 56We are required to obtain, maintain, and renew governmental permits in order to conduct development and mining operations, a process which is often costly and time-consuming
- 57Lawsuits may be filed against us or arbitration proceedings may be commenced and an adverse ruling in any such lawsuit or arbitration may adversely affect our business, or financial condition
- 58We are vulnerable to the risks associated with operating in a single geographic region and concentrating our capital investment in the State of California increases our exposure to that risk
- 59The operation or development of our facilities could be adversely affected by local communities and/or other stakeholders38% rewritten
- 60have an adverse effect on our development plans or future operations and may impact relationships with the communities in which we ultimately operate and other associated stakeholdersNew
- 61In addition, disputes surrounding Indigenous land claims regarding lands on or near our properties could interfere with future operations and/or result in additional operating costs or restrictions, as well as adversely impact the use and enjoyment of our real property rights with respect to our assets
- 62We currently plan to continue to invest significant amounts of capital in a variety of exploration activities, which involve many uncertainties and risks that could prevent us from realizing profits or may result in the total or partial loss of our investment36% rewritten
- 63Our future success depends on the continuing efforts of our management and key employees and our ability to attract and retain highly-skilled personnel and senior management
- 64Our inability to hire and maintain suitable personnel could have a material adverse effect on us and could prevent us from effectively pursuing our business plan, including developing, growing, and operating our business profitably
- 65We will need to increase the size of our organization and we may be unable to manage our growth effectively
- 66Our directors and officers may in the future be in a position of a conflict of interest
- 67We have experienced significant turnover in our senior management team and across our organization, and our failure to attract and retain qualified personnel, skilled workers and key officers could have an adverse effect on us
- 68We may acquire additional businesses or assets, form joint ventures or make investments in other companies in the future that may be unsuccessful and may harm our operating results and prospects
- 69We could be subject to information technology system failures, network disruptions, and breaches in data security which could negatively affect our business, financial position, results of operations and cash flows
- 70A third party or supply chain incident, e.g., incidents that impact our company due to an impact on a vendor, service provider, supply chain player, partner, or any other third party
Risks Relating to Our Common Stock and CDIs
- 71Our largest stockholders control a significant percentage of our voting power and may be able to exert significant control over the direction of our businessNew
- 72Exercise of our outstanding warrants will dilute the ownership interest of our existing stockholders or may otherwise depress the price of our Common Stock90% rewritten
- 73The market price and trading volume of our Common Stock and CDIs may be volatile and may be affected by economic conditions beyond our control28% rewritten
- 74the other factors described in this “Risk Factors” section and elsewhere in this Annual Report
- 75We incur significant costs as a result of being publicly traded in both the United States and Australia
- 76We incur increased costs as a result of operating as a U.S. listed public company, and our management is required to devote substantial time to new compliance initiatives and corporate governance practices
- 77An active trading market for our Common Stock and CDIs may not be sustained and the trading price for our Common Stock and CDIs may fluctuate significantly33% rewritten
- 78Because we do not anticipate paying dividends on our Common Stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain on our Common Stock and CDIs
- 79If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, the market price and trading volume of our Common Stock and CDIs could decline41% rewritten
- 80the date on which we are deemed to be a “large accelerated filer,” as defined in Rule 12b-2 of the Exchange Act, which would occur if the market value of our Common Stock that are held by non-affiliates exceeds US$700,000,000 as of the last day of our most recently completed second fiscal quarter23% rewritten
- 81Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud
- 82Our Certificate of Incorporation and Bylaws contain anti-takeover provisions that could delay or discourage takeover attempts that shareholders may consider favorable and may prevent attempts by our shareholders to replace or remove our current management
- 83a prohibition of cumulative voting in the election of our Board, which would otherwise allow less than a majority of shareholders to elect director candidates
- 84Raising additional capital could adversely affect the voting power or value of our Common Stock and CDIs89% rewritten
- 85We have in the past and may again in the future receive a notice of the failure to satisfy a continued listing rule from NasdaqNew
- 86a decreased ability to issue additional securities or obtain additional financing in the future65% rewritten
- 87Sales by our existing shareholders can reduce the market price of our Common Stock and CDIs
- 88We are a holding company and, as such, we depend on our subsidiaries to generate cash to fund our operations and expenses
Other 5E Advanced Materials 10-Ks
- FY2026 10-K risk factors91 risks22 new19 dropped34 reworded
5E Advanced Materials faces going concern doubts and needs substantial financing to develop its borates and lithium project.
Filed Sep 17, 2026 - FY2024 10-K risk factors91 risks
This initial annual report is dominated by going concern warnings, heavy reliance on a single unproven mineral project, and significant capital raise requirements.
Filed Sep 09, 2024
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.