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GUELPH, Ontario - Zentek Ltd. (NASDAQ:ZTEK)(TSXV:ZEN), a nanotechnology company with a market capitalization of $98 million that has seen its stock surge 32% in the past week, announced Wednesday that Greg Fenton has resigned as Chief Executive Officer and board member, effective immediately, to become the full-time CEO of Altek Advanced Materials Inc., a private Nevada-incorporated company in which he holds more than a 50% beneficial equity interest.
The nanotechnology company has appointed CFO Wendy Ford as interim CEO while it conducts a search for Fenton’s permanent replacement. According to InvestingPro data, Zentek currently maintains a FAIR financial health score, though the company is not yet profitable, with negative earnings in the last twelve months.
Concurrent with the leadership change, Zentek entered into a binding letter of intent with Altek to negotiate non-exclusive licensing agreements for Zentek’s technologies, including its ZenGUARD platform, to accelerate commercialization efforts in the United States.
The initial licensing term for ZenGUARD is five years with a five-year renewal option and includes royalties between 5% and 8% of net sales based on certain thresholds. Under the arrangement, Altek will handle manufacturing and commercialization in the U.S. while Zentek retains ownership of its intellectual property.
Fenton will join Zentek’s Advisory Board immediately and continue serving under his existing consulting agreement through March 31, 2026, after which he will remain on the Advisory Board.
"Greg’s contributions to Zentek have been invaluable, and we are excited about the potential of this new venture seeking to amplify Zentek’s impact in the United States," said Eric Wallman, Chair of Zentek’s Board of Directors.
The agreement constitutes a "related party transaction" under securities regulations, with Zentek relying on exemptions from formal valuation and minority approval requirements as the transaction value does not exceed 25% of Zentek’s market capitalization, according to the company’s press release statement.
In other recent news, Zentek Ltd. has announced that CEO Greg Fenton’s consulting contract will not be extended beyond March 31, 2026. This decision comes as the company shifts its focus from research and development to commercialization. Zentek has initiated a search for Fenton’s successor, ensuring a smooth transition in leadership. Until a new CEO is appointed, the existing executive team will continue to manage the company’s operations. These developments are part of Zentek’s strategic plan to align its leadership with its evolving business objectives. The company’s press release highlighted the importance of this transition for its future direction. Investors and stakeholders will be watching closely as Zentek navigates this significant change in its leadership structure.
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