Aqua Metals Announces ATM Sales Agreement Assigned to StoneX Affiliate

What Happened
Aqua Metals, Inc. (AQMS) filed an 8-K (Item 8.01) to disclose that The Benchmark Company, LLC (a StoneX company), which had served as agent under an at-the-market (ATM) Sales Agreement entered August 30, 2024 (amended December 2, 2025), notified the company on September 2, 2026 that it assigned its rights and obligations under the Sales Agreement to its affiliate, StoneX Financial Inc. StoneX Financial Inc. is also an SEC-registered broker-dealer and a member of FINRA and SIPC. The Sales Agreement’s Section 13 permits Benchmark to assign its rights to an affiliate without Aqua Metals’ consent.

Key Details

• Original ATM Sales Agreement with The Benchmark Company, LLC entered August 30, 2024; amended December 2, 2025.
• Assignment notice dated September 2, 2026: Benchmark assigned its rights and obligations to StoneX Financial Inc.
• StoneX Financial Inc. is an SEC-registered broker-dealer and member of FINRA and SIPC.
• Assignment was permitted under Section 13 of the Sales Agreement and did not require Aqua Metals’ consent.

Why It Matters
This filing is an administrative disclosure about the agent handling Aqua Metals’ at-the-market offering of common stock, not a report of new sales or proceeds. For investors, the change means the affiliate StoneX Financial Inc. will assume Benchmark’s role under the existing ATM arrangement. Because StoneX Financial is a regulated, registered broker-dealer and the assignment was permitted by the agreement, the practical terms of the ATM program are not changed by this notice as reported in the 8-K. Investors tracking potential equity dilution or future capital raises should watch for any separate filings that report actual sales under the ATM.