Shares of newly listed Chrysos Corp Ltd (ASX: C79) are surging on Monday and now trade well in the green at $4.73 apiece.
After a tumultuous start to its life on the ASX, Chrysos shares are rebounding with a vengeance today amid (ASX: C79) are surging on Monday and now trade well in the green at $4.73 apiece.”>the release of a company update.
In wider market moves, the S&P/ASX All Technology Index (ASX: XTX) is also rallying 3% higher on the day as tech shares begin to show signs of life once again.
What did Chrysos announce?
Chrysos advised that it has increased its total contract value (TCV) to A$559.8 million “with new international customer agreements”.
The company said that it has signed 5 new ‘PhotonAssay’ lease agreements, thereby increasing its TCV by a total of $108.6 million.
“Three new PhotonAssay leases signed with new customers Alfred H Knight and Britannia,” it said.
“[The] total number of deployed or contractually-committed PhotonAssay units rises from 33 to 38.”
The company’s CEO, Dirk Treasure, said it was an “exciting time for [the] business”.
[A]s we continue to execute our expansion plans and focus on key international mining hubs, with increasing demand, a strong pipeline of blue chip customers and our global market penetration continuing at pace, we feel the business is well positioned to meet its ongoing strategic and operational objectives.
In addition, Chrysos reports that 2 new PhotonAssay units have already been deployed with existing customers, bringing its ‘deployed unit base’ to 10.
Chrysos share price snapshot
Following its $183 million IPO roughly two weeks ago now, the Chrysos share price has been on a volatile journey.
Immediately after listing its share price sunk 40%, however, it has staged a recovery and is now trading back above its listing price.
The post Here’s why the Chrysos share price is rebounding 16% appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow 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 Scott Phillips.
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