08:51 AM EST, 11/22/2024 (MT Newswires) -- NEO Battery Materials ( NBMFF ) , which rose 6.5% to near 52 week highs yesterday, on Friday announced the appointment of Seok Hyung Lee as a new independent director of the xompany and the South Korean subsidiary, NBM Korea Co., Ltd., effective November 22, 2024.

The company said it is undertaking an initiative to transition the existing board of directors into a new set of board members who are "strategically aligned with the company's battery business. It added: "The Battery Board aims to consist of industry, finance, and governmental professionals who will deliver high impact to advance NEO's silicon anode commercialization. The transition process is expected to be completed in the next six months."

As a part of the transition process, Christopher Chung has resigned as a director of the company.