Fly Play hf Enters Strategic Market-Making Agreement
Play Airlines has announced a new market-making agreement with Fossar Investment Bank, which will cover all of Play's shares listed on the Main Market of Nasdaq Iceland.
The primary aim of this agreement is to enhance trading activity for Play's stock on the Main Market, increase market capitalization, and facilitate efficient and transparent price discovery.
Terms of the Market-Making Agreement
According to the agreement, each buy and sell order must have a minimum value of ISK 200,000, based on the rates established by Fossar. These orders should not deviate more than 3.0% from the most recent transaction value of the shares on Nasdaq. The price range for buy and sell orders will be determined using Nasdaq’s price chart, targeting a price difference of approximately 1.5%, but not less than 1.495%. In special circumstances, such as changes in Nasdaq’s price range, Fossar may place buy and sell orders with a narrower price range.
Trading Conditions and Limitations
If Fossar executes 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 previously mentioned obligations regarding the maximum difference in buy and sell orders for that day will apply. Moreover, if the price of Play's shares fluctuates by more than 5.0% within the same business day, Fossar is permitted to widen the maximum price range to 3.0%.
Effective Date and Implications
This agreement will take effect on August 26, 2024. Partnering with Fossar Investment Bank demonstrates a commitment to improving liquidity and fostering better price formation for Play Airlines’ shares in the market.
Strategic Importance of the Agreement
This collaboration aims not only to boost trading volume but also to enhance investors' understanding of Play's market value. By fostering more robust trading activity, Play hopes to attract additional investment and strengthen shareholder confidence.
Company and Contact Information
For more details, interested parties can contact Birgir Olgeirsson at bo@flyplay.com. The company encourages inquiries regarding the developments arising from this agreement.
Frequently Asked Questions
What is the purpose of the market-making agreement?
The market-making agreement aims to enhance trading activity for Play's stock, increase market capitalization, and ensure efficient price discovery.
What are the order requirements under the agreement?
Each buy and sell order must be at least ISK 200,000 and cannot deviate more than 3.0% from the recent transaction price.
Who is Fossar Investment Bank?
Fossar Investment Bank is a financial institution that will facilitate market-making for Play Airlines’ shares on Nasdaq Iceland.
When does the agreement take effect?
The market-making agreement is set to take effect on August 26, 2024.
How can I get more information about Play Airlines?
For additional information, you can reach out to Birgir Olgeirsson at bo@flyplay.com.
