- NEO Battery Materials (NBM) has received conditional TSXV approval for the Change of Business into an Industrial, Technology, or Life Sciences Tier 2 Issuer
- The reclassification into an Industrial, Technology, or Life Sciences Tier 2 Issuer will constitute a Change of Business and requires exchange and shareholder approval
- NEO Battery Materials will provide a date for the shareholders’ meeting
- NEO Battery Materials is focused on electric vehicle lithium-ion battery materials
- NEO Battery Materials Ltd. (NBM) is up 20 per cent on the day, trading at C$0.15 per share at 2 pm ET
NEO Battery Materials (NBM) has received conditional TSXV approval for the Change of Business into an Industrial, Technology, or Life Sciences Tier 2 Issuer.
NEO Battery Materials is currently on track to commercialize its proprietary silicon anode active materials, NBMSiDE, with the development of the commercial plant facility in South Korea. The reclassification into an industrial and technology issuer will allow the company to strategically pursue integration into the lithium-ion battery supply chain, delivering enhanced value to battery manufacturers and EV OEMs.
Mr. Spencer Huh, President and CEO of NEO, commented on the news.
“Following the monthslong due diligence with the Exchange regarding our silicon anode commercialization plan, we are glad to announce the Listings Committee’s conditional approval of the COB process. Being positioned as a technology issuer, this strategic alignment will help to tighten the feedback loop for optimization and to proceed further with the Commercial Plant’s detailed design and construction.”
The reclassification into an Industrial, Technology, or Life Sciences Tier 2 Issuer will constitute a Change of Business in accordance with Exchange Policy 5.2 Changes of Business and Reverse Takeovers. The completion of the COB is subject to the exchange review and approval, shareholder approval, and other necessary conditions for final approval. The company also received a waiver from the requirement to engage with a sponsor, and no changes will be made to current management or the board of directors as a result of the COB.
NEO Battery Materials will provide a date for the shareholders’ meeting. The company will be providing a comprehensive information circular in regard to the COB for the Annual General and Special Meeting, at which NEO will be seeking shareholder approval.
NEO Battery Materials is a Vancouver-based company focused on electric vehicle lithium-ion battery materials.
NEO Battery Materials Ltd. (NBM) is up 20 per cent on the day, trading at C$0.15 per share at 2 pm ET.
