American Battery Technology Company woke up holding a $100 million permission slip.
This morning's headline says the company "Receives Approval for Sale of $100 Million of Exported Recycled Black Mass Critical Minerals" under a license from the U.S. Department of Commerce. $ABAT is +15.61% pre-market. Going in, the market valued the whole company at about $324M.
Approval for a sale and a sale are different documents. A Commerce license says the export may happen. It does not put $100M on the income statement, and it does not say what that black mass nets after it is processed, packed and shipped.
ABAT has its own short record on strong opens: 12 prior sessions that opened up 5% or more. 42% of them closed above the open and 58% closed below it, with a median open-to-close of -1.73%. Twelve sessions is a small notebook, and it describes those days, not this one.
A license is Washington saying you may. Revenue is a buyer saying they will.