The Spacetalk Ltd (ASX: SPA) share price was rocketing higher again on Wednesday.
The ASX tech share was up 52% to 9.6 cents before being paused.
The release notes that âtrading in the securities of the entity will be temporarily paused pending a further announcement.â
That announcement is likely to be a price query request, asking the company to explain why its shares were up 50% on no news.
Why did this ASX tech share rocket higher today?
While thereâs no news out of the kids smart watch maker today, there has been some news recently that got investors very excited.
So much so, following todayâs gain, this ASX tech share is now up over 250% since this time last week.
That announcement was the appointment of its new CEO, Simon Crowther.
Crowther was previously the CEO of patent troll company Ipernica, which morphed into aerial imagery technology company Nearmap under his watch. Nearmap was acquired by Thoma Bravo late last year for $1 billion.
Investors appear to be hoping that the new CEO will turn around the fortunes of this poor performing tech company and have been scrambling to buy shares this month.
Crowther seems relatively bullish on the companyâs future. Commenting on his appointment, 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.
It will be interesting to see if this tech share decides to take advantage of this incredible rise to raise funds and shore up its balance sheet.
The post Guess which ASX tech share just boomed 50% before being halted 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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