The Spacetalk Ltd (ASX: SPA) share price had a disastrous time in 2022.
During the 12 months, the technology companyâs shares lost over 80% of their value.
The good news is that things are looking up for shareholders in 2023.
In fact, with the tech share up 55% to 8.2 cents this afternoon, it is now up 200% from 2.7 cents in the space of two days.
Why is this ASX tech share blasting off?
Investors have been fighting to get hold of Spacetalk shares this week after the company announced the appointment of its new CEO.
According to the release, Simon Crowther will take on the role from the start of next week.
Mr Crowther was previously the CEO of patent troll company Ipernica, which eventually morphed into aerial imagery technology company Nearmap under his watch. Nearmap left the ASX boards late last year after being acquired by Thoma Bravo.
Since leaving Nearmap, Crowther has served as the CEO of Airmap and the managing director of Yamaha Motor Ventures in Silicon Valley with a focus on Aerotech & Sustainability.
Why join this struggling company?
Crowther described Spacetalk as an exciting business with a lot of potential. He said:
As soon as I met with the board and learnt more about Spacetalk I saw the opportunity to build an exciting business, target valuable sectors and execute in a focused and disciplined way. Spacetalk has an opportunity to make an impact for good as we help give children, parents, guardians, people aging in place, care recipients and their carers freedom to live their lives. I am focused on building on the progress that has been made to date and realising the full potential of the business and the team.
Spacetalkâs Chairman, Georg Chmiel, was pleased with the appointment. He added:
Following an extensive global search, we are pleased to announce the appointment of Simon Crowther as Spacetalkâs new CEO. Simonâs track record at Nearmap is outstanding and we are excited to see what he will achieve at Spacetalk. Iâd also like to thank Saurabh Jain. As the interim CEO he has done a fantastic job of the first phase of the turnaround. Saurabh will continue as a director of the Company.
The post Blastoff! Guess which ASX tech share has rocketed 200% in 2 days appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro 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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