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Westwater Resources Announces Date for Annual Shareholder Meeting
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Rhea-AI Summary
Westwater Resources, Inc. (NYSE American: WWR) has announced its Annual General Meeting of Shareholders scheduled for May 10, 2023, at 9:00 am CDT. Shareholders eligible for voting will be determined as of March 13, 2023, and related materials are expected to be sent by March 20, 2023. The company highlights that its audited financial statements for 2022 included a going concern qualification, indicating potential financial distress. Westwater is focused on developing its Kellyton graphite processing plant in Alabama and the Coosa graphite deposit, marking its position in the battery-grade graphite sector.
Positive
Scheduled Annual General Meeting on May 10, 2023.
Construction of Kellyton graphite processing plant in Alabama continues.
Negative
Going concern qualification in the 2022 audited financial statements indicates potential financial distress.
Market risks related to graphite pricing and competition.
CENTENNIAL, Colo.--(BUSINESS WIRE)--
Westwater Resources, Inc. (NYSE American: WWR), an energy technology and battery-grade natural graphite development company, announces that its Annual General Meeting of Shareholders will be held on Wednesday, May 10, 2023, at 9:00 am central daylight time.
The Board of Directors of the Company has fixed the close of business on Monday, March 13, 2023, as the record date for determining the stockholders entitled to notice of and to vote at the Annual Meeting or at any adjournment or postponement thereof. The meeting will be held virtually, and meeting materials will be mailed to shareholders of record on or about March 20, 2023.
Pursuant to Section 610(b) of the NYSE American Company Guide, the Company notes that the audit opinion provided by the Company's independent public accounting firm relating to the Company's audited consolidated financial statements for the year ended December 31, 2022, included a going concern qualification. The financial statements with that opinion were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission on March 6, 2023.
About Westwater Resources, Inc.
Westwater Resources, Inc. (NYSE American: WWR), an energy technology company, is focused on developing battery-grade natural graphite. The Company’s primary project is the Kellyton graphite processing plant that is under construction in east-central Alabama. In addition, the Company’s Coosa graphite deposit is the most advanced natural flake graphite deposit in the contiguous United States and located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama. For more information, visit www.westwaterresources.net.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," “intensified”, “scheduled,” “targets” and other similar words. Forward-looking statements include, among other things, statements concerning potential debt financing, the construction and operation of the Company’s Kellyton graphite plant, the Company’s Coosa graphite deposit, and the costs, schedules, production and economic projections associated with them. The Company cautions that there are factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of the Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Westwater’s Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: (a) our ability to finance growth plans and raise debt or equity capital; (b) the spot price and long‑term contract price of graphite (both flake graphite feedstock and purified graphite products) and vanadium, and the world-wide supply and demand of graphite and vanadium; (c) the effects, extent and timing of additional competition in the markets in which we operate; (d) the ability to obtain contracts with customers; (e) available sources and transportation of graphite feedstock; (f) the ability to control costs and avoid cost and schedule overruns during the development, construction and operation of the Kellyton graphite plant; (g) the ability to construct and operate the Kellyton graphite plant in accordance with the requirements of permits and licenses and the requirements of tax credits and other incentives; (h) effects of inflation and rising interest rates; (i) the availability and supply of equipment and materials needed to construct the Kellyton graphite plant; (j) stock price volatility; (k) government regulation of the mining and manufacturing industries in the United States; (l) unanticipated geological, processing, regulatory and legal or other problems we may encounter; (m) the results of our exploration activities at the Coosa graphite deposit, and the possibility that future exploration results may be materially less promising than initial exploration results; (n) any graphite or vanadium discoveries at the Coosa graphite deposit not being in high enough concentration to make it economic to extract the metals; (o) the potential effects of the continued COVID-19 pandemic; (p) currently pending or new litigation or arbitration; and (q) our ability to maintain and timely receive mining, manufacturing, and other permits from regulatory agencies.
