The 4DS Memory Limited (ASX: 4DS) share price streaked 32% higher shortly after the market open today.
The ASX tech share shot up following an announcement by the semiconductor memory storage company this morning before settling again in late morning trade.
The ASX tech share is currently trading at 5.1 cents, up 2%. It reached an intraday high of 6.6 cents shortly after the open.
The company went into a trading halt yesterday and also received a price query from the ASX.
What’s the news that launched this ASX tech share skywards?
4DS has updated shareholders on its 2023 collaboration with imec this morning.
The company said it has finalised arrangements to extend the collaboration project into mid-2023. The cost will be 903,000 euros.
4DS said manufacturing of the Fourth Platform Lot will commence in Q1 2023. The company expects delivery at the end of Q2 2023.
4DS Memory is a semiconductor development company of non-volatile memory technology.
imec is a world-leading research and innovation hub in nanoelectronics and digital technologies.
What did management say?
4DS Memory executive chair Dr Wilbert van den Hoek said:
We are extremely pleased to have reached agreement with imec for an extension of our collaboration into 2023.
We will continue to undertake internal activities, the results of which will be inputs to the collaboration during 2023. Furthermore, we are continually improving our testing capability to ensure that we are best placed for a potentially successful outcome.
What has 2022 been like for this ASX tech share?
The 4DS Memory share price is down 42% in 2022.
This performance is on par with the information technology index, which is down 34% year to date.
The post Why did this ASX tech share just explode 30%? appeared first on The Motley Fool Australia.
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Motley Fool contributor Bronwyn Allen 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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