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What Drove The A2Z Smart Technologies (AZ) Stock Up 7% During Extended Trading?

A2Z Smart Technologies Corp. (NASD: AZ) was gaining on the charts yesterday after an equity move, rising 7.78% to trade at $1.80 at the last check.

What action has AZ taken?

A2Z Smart Technologies (AZ) and Hanover International Inc. this week entered into an agreement for investor relations services (the “IR Agreement”) (“Hanover”).

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Hanover and A2Z Smart Technologies already collaborated with other firms, so it will be advantageous to continue working with them. As A2Z actively pushes ahead with the integration of its Cust2Mate carts worldwide, the hiring of Hanover is a crucial part of AZ’s plan to boost its profile with existing and new investors.

According to the agreement, AZ will reimburse Hanover a fee of US$4,000 each month for the first 12 months of the contract. After the initial 90 days, either party may end the Agreement at any time and without penalty by giving the other party 30 days’ notice.

Hanover will also get 100,000 stock options, or “Options,” with which to buy common shares of AZ’s capital (referred to as “Shares”) for $1.50 per share. Over the course of a year, the options will vest in three-month increments. For a period of five years after the award date, all vested options are exercisable. Hanover does not, to the best of AZ’s knowledge, directly or indirectly own or control any AZ securities. The TSX must approve the IR Agreement before it may go into effect.

A similar step by AZ

Recently, A2Z Smart Technologies (AZ) announced the completion of the previously publicized private placements (the “Offering”). 2,978,337 units of CAD$1.86 each were issued as part of the offering, generating gross revenues of US$4 million. One common share of AZ and one-half of a common share purchase warrant make up each Unit (the “Warrant”). Up to March 9, 2023, the Unit Shares are limited. Each Warrant has an expiration date and authorizes the holder to purchase one extra common share of AZ for CAD$2.04 per Warrant Share.

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