HPQ CEO Addresses Unusual Trading Patterns in Its Stock between April 15–17 and April 20–23, 2026

• Multiple sessions showed high trading volumes concentrated at fixed price levels, with repeated broker participation and limited upward price movement despite buying interest.
• HPQ conducted a multi-session analysis of trading data and has formally submitted its observations to regulators for independent assessment.
• Short-term trading behaviour does not change HPQ’s progress across battery materials, fumed silica, and hydrogen initiatives, which continue to drive long-term value.

MONTREAL, Canada — Over the past several trading sessions, many of you have reached out with questions about HPQ’s share price behavior following recent positive developments. We took the time to review the data across multiple days, not just in isolation, and what we are seeing warrants a clear and factual update.

What We’re Observing

Across sessions from April 15–17 and April 20–23, trading activity exhibits a consistent, repeatable pattern.

On April 15, for example, dozens of trades were executed within a narrow price band around $0.18, despite meaningful buying interest. Large blocks of 25,000, 50,000, and 64,500 shares moved through the market within seconds of each other, often at identical price levels. In several instances, multiple trades were stamped at the same second, suggesting algorithmic execution rather than independent price discovery.

We also observed repeated participation from a relatively small group of intermediaries. Activity involving major institutions and trading desks, including National Bank, CIBC, RBC, and Virtu ITG, appeared consistently across sessions, often interacting with anonymous counterparties.

In addition, several transactions reflected same-broker executions or internalized order flow, where the buyer and seller were routed through the same intermediary. These trades were frequently executed alongside active buying interest in the broader market.

The outcome is straightforward: despite sustained volume and periods of increased demand, the share price remained constrained. Supply repeatedly appeared at or just above the traded price, absorbing buying pressure in real time.

In a normally functioning market, sustained buying volume tends to move the price upward as liquidity is consumed. Here, that relationship has not consistently held.

What This Means (and What It Does Not Mean)

Modern equity markets are complex. Algorithmic trading, internalization, and liquidity provisioning are all legitimate and common features of today’s market structure.

However, when you observe the same combination of signals across multiple sessions—concentrated participation, high volume at fixed price levels, and persistent supply capping upward movement—it raises reasonable questions about short-term price formation.

This is not a conclusion. It is an observation based on repeatable data.

Only regulators can determine whether any specific activity breaches market rules. Our responsibility is to document what we see and ensure it is reviewed through the appropriate channels.

Interpreting the Trading Structure

When we analyze both the order book and the executed trades together, the activity begins to show a level of structure that goes beyond what would typically be expected from retail participation or random liquidity.

The data does not reflect panic-driven selling or disorganized market behavior. Instead, it points to a consistent pattern where liquidity is being absorbed and recycled within a relatively tight price band.

Across multiple sessions, we observed repeated interaction in the $0.18–$0.185 range. Selling pressure at the lower end of that range was consistently met with immediate buying interest, while attempts to move higher were met with visible supply. This dynamic had the effect of maintaining a narrow trading range, even during periods of increased demand.

From a market structure perspective, patterns like these can be associated with strategies that manage execution within defined price levels. This can involve internalization of order flow, coordinated liquidity provision, or algorithmic trading designed to facilitate volume while limiting directional price movement.

These mechanisms are part of modern market infrastructure and can serve legitimate purposes. However, when the same structure persists across multiple sessions—characterized by repeated counterparties, clustered executions, and constrained price response—it can influence how efficiently the market reflects underlying demand in the short term.

As always, determining whether any activity falls outside normal market behavior is the role of regulators. Our role is to observe, document, and ensure transparency around what the data is showing.

What We Have Done

We conducted a detailed, multi-session review of trading activity, including time-stamped transactions, volume clustering, broker participation, and order-book behaviour.

This analysis was not based on a single day or a single event. It reflects consistent patterns observed across multiple trading sessions.

We have formally submitted our findings to the appropriate regulatory authorities for independent review. This builds on prior communications and provides a structured, data-backed account of what has been observed.

Focus on Fundamentals

Short-term trading patterns do not change the underlying trajectory of the business.

HPQ continues to make measurable progress across its core activities. Through our partnership with Novacium, we are advancing high-capacity silicon-based battery cells in both 18650 and 21700 formats, with performance metrics that position these products competitively within their respective markets.

At the same time, we are progressing our fumed silica commercialization strategy and advancing our hydrogen initiatives. These are not conceptual efforts. They are part of a broader transition from development to execution.

These fundamentals, not short-term trading dynamics, are what ultimately drive long-term value.

What Comes Next

We will continue to monitor trading activity closely and engage with regulators where appropriate. If further patterns emerge or additional clarity is warranted, we will provide updates grounded in data.

At the same time, our focus remains on execution. Advancing our technologies, supporting our partners, and moving toward commercialization are the priorities that we control.

Markets do not always reflect fundamentals in the short term. Over time, they tend to align.

Our job is to make sure the fundamentals continue to move forward.