The Audio Pixels Holdings Ltd (ASX: AKP) share price is racing higher today following a positive update from the speaker development company.
At the time of writing, Audio Pixels shares are up 7.02% to $27.61. In comparison, the All Ordinaires Index(ASX: XAO) is down 0.58% to 7,764 points.
What did Audio Pixels announce?
According to its release, Audio Pixels advised that it has commenced technological demonstrations of its advanced MEMS-based transducers.
The company is developing the next generation of speakers that will exceed current market performance and design specifications.
Audio Pixels stated that in-person demonstrations have taken place out of the clean room with expert representatives from world leading consumer electronic companies. These industry players have maintained relevant staffing in Israel and have expressed interest in the technology.
Furthermore, due to the unpredictable nature of COVID-19, the company has prioritised the development of its demonstration systems for third parties outside of Israel. It aims to have these components securely shipped for independent third-party assessments.
The announcement follows a previous update on 28 July, stating that Audio Pixels underwent extensive testing, optimization and fine-tuning on its demo systems.
Quick take on MEMS and transducers
MEMS refers to micro-electromechanical devices which comprise electronic, mechanical, and wireless communication components. This is used in commercial applications such as sensor-driven heating and cooling systems, tiny gyroscopes, barometers, accelerometers and microphones for mobile phones, and disposable pressure sensors for healthcare.
A transducer is a device that converts power from one form to another for purposes of measurement or control.
About the Audio Pixels share price
Over the past 12 months, Audio Pixels shares have gained almost 25% for investors, with year to date 14% higher. This is despite the company’s share price hitting a multi-year low of $18 in May 2021, before quickly rebounding.
Audio Pixels presides a market capitalisation of roughly $792.3 million, with approximately 28.7 million shares on hand.
The post Audio Pixels (ASX:AKP) share price storms 7% higher following progress update appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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