NEO Battery Materials Ltd announced that it has applied for trading on the OTCQB Venture Market and for full eligibility through the Depository Trust Company (DTC) for electronic settlement and clearing of its shares in the United States.
The Vancouver-based resource company focused on battery metals and materials is currently trading on the OTC Pink under the symbol NBMFF and will continue to trade under the same symbol once listed on the OTCQB.
“DTC eligibility will enable an accelerated settlement process,” said the company while adding that this will allow NEO's shares to be “economically transferred between brokerage accounts electronically within the US.”
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The OTCQB is a marketplace for early-stage and developing US and international companies, which must be current in their reporting and undergo an annual verification and management certification process. The OTCQB Venture quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
In a brief statement on corporate matters, NEO Battery Materials CEO Spencer Huh said: “NEO is under the process of signing two new NDAs which includes an established automotive maker. Under our current working relationships with our NDA partners, we are working on sample testing for NEO's proprietary nanocoating solution to produce low-cost, long-lasting silicon anode materials.”
“NEO is on-track of commercializing its pipeline and recognizing synergies in the silicon value chain. We will shortly provide a full update on our pilot plant progress, developments with partners, and IP expansion," he added.
NEO Battery Materials has staked several new mining claims in Golden, British Columbia, along a strike with a quartzite bed, targeting silica in the quartzites for a total of 467 hectares. Additionally, the company is also focusing on developing silicon anodes, which provide improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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