UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C.  20549


SCHEDULE 13G/A

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Aqua Metals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

03837J101

(CUSIP Number)

December 31, 2023

(Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[X] Rule 13d-1(b)

[   ] Rule 13d-1(c)

[   ] Rule 13d-1(d)

*        The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosure provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


Page 1 of 6

SCHEDULE 13G/A
Aqua Metals, Inc.
CUSIP No. 03837J101


CUSIP No. 03837J101



1.
 
Names of Reporting Persons
   
I.R.S. Identification Nos. of Above Persons (Entities Only)
     
   
Robert W. Baird & Co. Incorporated
   
39-6037917
     
     
2.
 
Check the Appropriate Box if a Member of a Group (See Instructions)
     
   
(a) [ ]
   
(b) [ ]
     
     
3.
 
SEC Use Only
     
     
4.
 
Citizenship or Place of Organization
     
   
Wisconsin



 
Number of
Shares
Beneficially
Owned by
Each Reporting
Person
With:
5.
 
Sole Voting Power
3,948,627
         
         
 
6.
 
Shared Voting Power
0
         
         
 
7.
 
Sole Dispositive Power
0
         
         
 
8.
 
Shared Dispositive Power
3,948,627



9.
 
Aggregate Amount Beneficially Owned by Each Reporting Person
3,948,627
       
       
10.
 
Check if the Aggregate Amount in Row (9) Excludes Certain Shares
 
   
  (See Instructions)   [ ]
 
       
       
11.
 
Percent of Class Represented by Amount in Row (9)
3.7%
       
       
12.
 
Type of Reporting Person (See Instructions)
IA




Page 2 of 6

SCHEDULE 13G/A
Aqua Metals, Inc.
CUSIP No. 03837J101


Item 1.
 
     
 
(a)
Name of Issuer:
     
   
Aqua Metals, Inc.
     
 
(b)
Address of Issuer’s Principal Executive Offices:
     
   
5370 Kietzke Lane
   
Suite 201
   
Reno, NV 89511
     
Item 2.
 
     
 
(a)
Name of Person Filing:
     
   
Robert W. Baird & Co. Incorporated
     
 
(b)
Address of Principal Business Office or, if none, Residence:
     
   
777 East Wisconsin Avenue
   
Milwaukee, Wisconsin 53202
     
 
(c)
Citizenship:
     
   
Wisconsin corporation
     
 
(d)
Title of Class of Securities:
     
   
Common Stock
     
 
(e)
CUSIP Number:
     
   
03837J101



Page 3 of 6

SCHEDULE 13G/A
Aqua Metals, Inc.
CUSIP No. 03837J101


Item 3.
If this statement is filed pursuant to ¤¤240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

 
(a)
[ ]
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
       
 
(b)
[ ]
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
       
 
(c)
[ ]
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
       
 
(d)
[ ]
Investment company registered under section 8 of the Investment Company Act (15 U.S.C. 80a-8).
       
 
(e)
[X]
An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).
       
 
(f)
[ ]
An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).
       
 
(g)
[ ]
A parent holding company or control plan, in accordance with §240.13d-1(b)(1)(ii)(G).  (Note:  See Item 7).
       
 
(h)
[ ]
A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
       
 
(i)
[ ]
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
       
 
(j)
[ ]
Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4.
Ownership.

 
(a)
Amount Beneficially Owned:
     
   
3,948,627. All 3,948,627 Shares of Common Stock (“Shares”) are ultimately owned by certain individual and institutional clients for which Robert W. Baird & Co. Incorporated (“Baird”) serves as investment advisor.  Baird may be deemed to beneficially own such Shares within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Act”), by virtue of the investment discretion and voting authority granted to Baird by such clients over such Shares.  The investment discretion and voting authority granted to Baird may be revoked at any time.
     
 
(b)
Percent of Class:
     
   
3.7%.  The percentage was calculated based upon  107,811,467 Shares of Common Stock outstanding at November, 3, 2023, as reported by the Issuer in its Quarterly Report on Form 10-Q for the period ended September 30, 2023.



Page 4 of 6

SCHEDULE 13G/A
Aqua Metals, Inc.
CUSIP No. 03837J101


 
(c)
Number of shares as to which such person has:

 
(i)
Sole power to vote or to direct the vote
     
   
3,948,627.
     
 
(ii)
Shared power to vote or to direct the vote
     
   
0.
     
 
(iii)
Sole power to dispose or to direct the disposition of
     
   
0.
     
 
(iv)
Shared power to dispose or to direct the disposition of
     
   
3,948,627.

Item 5.
Ownership of Five Percent or Less of a Class.
   
 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:  [X]
   
Item 6.
Ownership of More than Five Percent on Behalf of Another Person.
   
 
Not applicable.
   
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.
   
 
Not applicable.
   
Item 8.
Identification and Classification of Members of the Group.
   
 
Not applicable.
   
Item 9.
Notice of Dissolution of Group.
   
 
Not applicable.
   
Item 10.
Certification.
   
 
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and



Page 5 of 6

SCHEDULE 13G/A
Aqua Metals, Inc.
CUSIP No. 03837J101


 
were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


 
February 12, 2024
 
Date
   
 
/s/ Paul L. Schultz
 
Signature
   
 
Paul L. Schultz, Secretary & General Counsel
 
Name/Title















Page 6 of 6