NJ started making the assumption that everyone would be using custom firmware, and that distributing as a 1.50 (kxploit) executable package was unnessecary.
In other words: you need to kxploit the eboot before you can use it on 1.50. It's quite easy to do this by hand, but you're probably going to want a program that does it for you. If you're on Windows, PSPBrew is usually the program that people mention as being the soft of choice. On Mac, I use a script I wrote that automates the process of using ps2dev's pbp-unpack and pbp-pack.
Alternatively, you can download homebrew software that temporarilly (until the power is turned off) patches your 1.50 system so that it can natively run non-kxploited eboots (otherwise known as 1.00 eboots), such as the one distributed with MVSPSP 2.0.6. I downloaded it so long ago, I can't remember where I got it from, but I always keep the NOKXPLOIT program on my PSP in case I ever need to run a 1.00 eboot without access to my computer.
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