NEO Battery Materials engages IACP Inc. to provide market making services
by CM Staff
Under the agreement, Generation will receive a fee of C$7,500 plus applicable taxes per month.
TORONTO — NEO Battery Materials Ltd., a silicon anode materials developer that reportedly enables longer-running, rapid-charging lithium-ion batteries, announces that it has engaged Generation IACP Inc. to provide market making services with the objective of maintaining a reasonable market and improving the liquidity of NEO’s common shares.
Under the agreement, Generation will receive a fee of C$7,500 plus applicable taxes per month. The agreement between the Company and Generation is for an initial term of six (6) months and shall be automatically renewed for subsequent six (6) month periods unless the Company provides written notice of termination to Generation at least 30 days prior to the end of the Term or Generation provides a written notice of termination to the Company. Commencing on the first anniversary of the agreement, the fee payable to Generation will automatically increase annually by 3.0%. No stock options or other compensation are being granted in connection with the engagement. Generation does not currently own any securities of the Company; however, Generation and its clients may acquire an interest in the securities of the Company in the future.
Generation is an arm’s length party to the Company. Generation’s market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company’s shares. Generation will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities.
