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.
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.
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 bank's market-making activities), 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%.
This agreement takes effect on August 26, 2024.
For Further Information:
Birgir Olgeirsson bo@flyplay.com
