Fly Play hf Enters Strategic Market-Making Agreement
Fly Play hf Enters Strategic Market-Making Agreement
Play Airlines has entered into a new market-making agreement with Fossar Investment Bank for all of Play's issued shares listed on the Main Market of Nasdaq Iceland.
The goal of this agreement is to increase trading activity for Play's stock on the Main Market, boost market capitalization, and ensure efficient and transparent price discovery.
Terms of the Market-Making Agreement
Under the terms of the agreement, each buy and sell order must be a minimum of ISK 200,000, based on the rates set by Fossar. Such orders should not exceed a 3.0% deviation from the most recent transaction value of the shares on Nasdaq. The price range for buy and sell orders will be determined in accordance with Nasdaq’s price chart, with a price difference target of around 1.5%, but not lower than 1.495%. Fossar is permitted to place buy and sell orders with a narrower price range under special circumstances, such as changes in Nasdaq’s price range.
Trading Conditions and Limitations
If Fossar conducts a trade involving issued shares with a market value of ISK 5,000,000 or more within the same business day through its trading book, the aforementioned obligations regarding the maximum difference in buy and sell orders within the same day are applied. Additionally, if the price change for Play's shares exceeds 5.0% within the same business day, Fossar is allowed to increase the maximum price range to 3.0%.
Effective Date and Implications
This agreement takes effect on August 26, 2024. The partnership with Fossar Investment Bank signifies a commitment to enhancing liquidity and supporting better price formation for Play Airlines’ shares in the market.
Strategic Importance of the Agreement
The collaboration is aimed not just at increasing trading volume but also at promoting a better understanding of Play's market value among investors. By ensuring that trading activity is more robust, Play hopes to attract further investment and improve shareholder confidence.
Company and Contact Information
For further information, interested stakeholders can reach out to Birgir Olgeirsson at bo@flyplay.com. The company encourages communication regarding the developments stemming from this agreement.
Frequently Asked Questions
What is the purpose of the market-making agreement?
The purpose of the market-making agreement is to increase trading activity for Play's stock, boost market capitalization, and ensure efficient price discovery.
What are the order requirements under the agreement?
Each buy and sell order must be a minimum of ISK 200,000, and cannot exceed a 3.0% deviation from the recent transaction price.
Who is Fossar Investment Bank?
Fossar Investment Bank is a financial institution that will assist with market-making for Play Airlines’ shares on Nasdaq Iceland.
When does the agreement take effect?
The market-making agreement takes effect on August 26, 2024.
How can I get more information about Play Airlines?
For more information, you can contact Birgir Olgeirsson at bo@flyplay.com.
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