International Battery Metals (IBAT) professes development of a revolutionary lithium extraction technology joining a sea of start-ups telling similar stories.
Despite just completing test facility construction and reporting limited, “high-level” testing, IBAT has a market capitalization of $500m, up 125x over two years.
IBAT has less than two quarters of cash, $20m in debt and negative working capital of $16m.
IBAT is  tempting a highly dilutive equity for debt transaction indicating a low-value technology reliant on usurious capital.
IBAT’s two largest shareholders with 40% of outstanding shares have sold nearly 30% of their stakes this year in private transactions.