Aqua Metals Inc SEC Filings

Bank of Montreal (BMO) – MAX Airlines -3X Inverse Leveraged ETNs (ticker: JETD)  This amended pricing supplement (Amendment No. 2, dated 2 Jul 2025) adds $2.5 million of additional notes, bringing total outstanding principal to $7.5 million (300,000 notes at $25 par). The notes provide -3x daily inverse exposure to the Prime Airlines Index (symbol: PJETSNTR), a net-total-return benchmark covering U.S.–listed airlines, aircraft manufacturers, air-freight/logistics, leasing and airport operators. They are exchange-traded on NYSE Arca under ticker JETD; intraday indicative value is published as JETDIV.

Key structural terms

• Maturity: 28 May 2043 (issuer may extend twice for 5 years each).
• Daily leverage reset: -3x of that day’s index move; performance over periods >1 day will diverge from -3x due to compounding.
• Fees: Daily Investor Fee of 0.95% p.a.; Daily Interest equals Fed Funds Effective Rate minus a 2.00% spread (may rise to 4.00%). Early redemption incurs a 0.125% fee.
• Credit: Senior unsecured obligations of Bank of Montreal; no principal protection.
• Issuer call right: BMO can redeem all or part of the notes on any index business day; holders receive the arithmetic mean of indicative values over a 10-day measurement period.
• Holder redemption: Minimum 25,000 notes; settlement three business days after calculation; subject to Redemption Fee.

Risk highlights

• Path-dependence and daily compounding create “decay”; long-term holding is likely to generate losses even if the index declines.
• Leverage magnifies adverse daily index moves (e.g., +10% index day = −30% ETN move before fees).
• Indicative value can fall to zero intraday; once zero, the note is worthless.
• Credit risk of BMO; no FDIC/Canada Deposit Insurance protection.
• Listing can be discontinued at issuer’s discretion, impairing liquidity.

Purpose of amendment: Offer additional notes that will be fungible with the original tranche (same CUSIP 063679484 / ISIN US0636794846). Settlement expected 3 Jul 2025.

Aqua Metals, Inc. (NASDAQ: AQMS) has released its 2025 Definitive Proxy Statement for the Annual Meeting scheduled for July 22, 2025 in Reno, Nevada. Stockholders of record as of June 17, 2025 will vote on six key proposals:

• Election of four directors (Stephen Cotton, Vincent L. DiVito, Eric Gangloff, Steven Henderson).
• Issuance of up to $10 million in common stock under a purchase agreement with Lincoln Park Capital, potentially exceeding 19.99% of current shares outstanding.
• Reverse stock split authorization—a Board-selected ratio between 1-for-2 and 1-for-10 aimed at maintaining Nasdaq compliance and improving marketability.
• Increase in shares reserved under the 2019 Stock Incentive Plan.
• Ratification of Forvis Mazars, LLP as independent auditor for FY 2025.
• Advisory vote on executive compensation.

The Board unanimously recommends “FOR” all proposals. If approved, the Lincoln Park facility offers flexible, at-the-market financing, while the reverse split would boost per-share price but also expand the pool of authorized but unissued shares, heightening future dilution potential. Failure to pass the reverse split risks Nasdaq delisting because AQMS previously effected a split within 12 months and currently trades below $1. The proxy also outlines refreshed corporate governance policies, committee compositions, and a claw-back policy adopted in Nov 2023.