By Kelly Cloonan
Zentek said Chief Executive Greg Fenton has resigned to lead Altek Advanced Materials, effective immediately.
The intellectual property technology company said Wednesday it has also entered a binding letter of intent with Altek to negotiate at least one non-exclusive licensing agreement relating to its technologies.
The letter of intent aims to accelerate Zentek's opportunities for commercialization in the U.S., providing for an initial five-year licensing term for its ZenGUARD technology, with an option to renew the term for an additional five years.
It also includes royalties of between 5% and 8% of net sales of the products based on certain sales thresholds, the company said.
Altek will be responsible for manufacturing and commercializing the products in the U.S.
Zentek will continue to own its intellectual property.
Fenton, who owns more than a 50% beneficial equity interest in Altek, will be immediately appointed to Zentek's advisory board.
He will be succeeded by Chief Financial Officer Wendy Ford on an interim basis while Zentek's board searches for a permanent successor.
Altek is a Nevada-based private company focused on the commercialization of advanced material technologies.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
September 03, 2025 18:31 ET (22:31 GMT)
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