Ellume has been a company on every investors’ lips over the past couple of months. The Brisbane-based medical company has been at the vanguard of Australia’s contribution to fighting the coronavirus pandemic.

The company has pioneered an ‘at-home’ test for COVID-19. Patients can use this test to get an accurate result within 15 minutes without seeing a doctor or getting the test analysed at a lab.

You can look, but you can’t own…

So, very understandably, many ASX investors have been looking for ways to invest in Ellume on the ASX. Some are even going as far as searching for an Ellume ticker code. Unfortunately, those efforts have been and will continue to be, fruitless. See, Ellume is a private company, with its shares unavailable for public investors to trade and invest in.

According to a report in the Australian Financial Review (AFR) this week, Ellume actually was considering an ASX-listing through an initial public offering (IPO) around 2½ years ago. The company reportedly even went as far as hiring PAC Partners to assist it with a pre-IPO capital raise and a subsequent listing on the ASX. But alas for its would-be shareholders, this process didn’t end up eventuating.

As a private company, Ellume does have shares (84 million according to the AFR report). They are held by a small group of founders, employees and investors at Ellume though. The AFR tells us that Ellume chair and investor Paul Darrouzet holds a quarter of Ellume’s shares. Dr Sean Parsons, Ellume’s founder and managing director, owns another 14 million.

The rest of Ellume’s board also reportedly has ownership stakes. Options and performance shares are often part of board members’ salaries as well.

How much are Ellume’s shares worth?

It’s hard to say exactly how much Ellume and its shares are worth, seeing as the data is not in the public arena. But guesses in the billions are probably not wild. That’s because (as we reported at the time) Ellume has recently signed a massive US$250 million contract with the US government to supply 8.5 million testing kits. The deal also involves Ellume building a factory on US soil to meet demand.

Can you invest in Ellume on the ASX?

As we’ve discussed, you can’t directly invest in Ellume on the ASX. However, there are a few other ASX-listed companies that operate in the same space as Ellume. These include Atomo Diagnostics Ltd (ASX: AT1) and Anteotech Ltd (ASX: ADO).

Indeed, Anteotech shares spiked 95% last week on news that it was continuing to work with Ellume in providing some of the technology that goes into the testing.

More reading

• Why the Splitit (ASX:SPT) share price is roaring 7% higher today
• Why the NuEnergy (ASX:NGY) share price is rocketing 230% higher today
• Leading brokers name 3 ASX shares to buy today
• SciDev (ASX:SDV) share price jumps 10% on inaugural profit result
• What’s moving the Charter Hall Long WALE (ASX:CLW) share price today?

Motley Fool contributor Sebastian Bowen 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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The Splitit Ltd (ASX: SPT) share price is roaring back to life in late afternoon trade. This comes after the company announced a raft of changes to its leadership team.

Earlier in the day, shares in the buy now, pay later (BNPL) company were treading just above their Friday market close. However, the Splitit share price has since tracked 7% higher to reach $1.52 at the time of writing.

Leadership change 

The Splitit share price is rebounding after the shock announcement of the departure of its chair, Spiro Pappas.

In today’s release, Splitit said that Mr Pappas had decided to resign from the board effective immediately, as he wished to pursue other interests away from the company.

As a result, Splitit will replace his non-executive chair position with non-executive director Dawn Robertson.

The company also announced it would seek to appoint two new independent non-executive external directors to its management team. Subject to shareholder approval, Vanessa LeFebvre and Scott Mahoney will take up the leadership roles. The company aims to call a shareholder meeting as soon as possible to gauge support for the new appointments.

Based in Oregon in the United States, Ms LeFebvre brings a wealth of retail industry experience. Ms LeFebvre currently holds the position of commercial senior vice president for Adidas in North America. Her duties include overseeing the group’s wholesale, retail stores, and e-commerce channels.

Mr Mahoney, based in New York, has more than 20 years’ experience in asset management in the United States. He is currently serving as an executive council member for investment advisory firm, Aviditi Advisors. Mr Mahoney is also an advisory partner for fintech venture capital fund, Tribeca Early Stage Partners.

Commentary from management

Commenting on his decision, outgoing chair Mr Pappas said:

Given Splitit’s great progress since listing and the strong continued focus on opportunities in North America and Europe, now feels like the right time for me to step down as chairman. I have the utmost faith and confidence in our new chair, Dawn Robertson, who is a senior executive with deep and relevant global experience in the retail and eCommerce industries.

It is also very pleasing to see the very high calibre new board members that we have been able to attract from our global search.

New chair Ms Robertson added:

Spiro [Pappas] has made a terrific contribution as chairman since our ASX listing in January 2019. He has been instrumental in guiding the company through a period of considerable change as Splitit has developed foundations to enable growth, including helping secure new credit facilities to support our funded model and multiple capital raises.

This has been a pivotal part of our global expansion and, having successfully fulfilled this role, we respect and support his decision to pursue other interests.

Splitit share price snapshot

The Splitit share price is up more than 190% over the past 12 months. The company’s shares hit an all-time low of 20.5 cents in March, before surging past pre-COVID levels in June.

In August, its shares reached a 52-week high of $1.93, a whisker away from its all-time high of $2.00 in early 2019.

Based on the current Splitit share price, the company commands a market capitalisation of $680 million.

More reading

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• What’s with the Splitit (ASX:SPT) share price today?
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Motley Fool contributor Aaron Teboneras owns shares of Splitit Ltd. 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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The NuEnergy Gas Ltd (ASX: NGY) share price has started the week with a bang.

In afternoon trade the Indonesia-based independent clean energy company’s shares are up an astonishing 230% to 9.9 cents.

This means the NuEnergy share price is up a massive 800% since the start of the year.

What is NuEnergy?

NuEnergy is a clean energy company focused on developing Indonesian unconventional gas assets.

The company explains that it was formed with the goal of reliably and sustainably supplying clean energy to meet the growing energy demands of Indonesia. It is one of the world’s fastest growing economies and energy consuming markets.

The company holds four onshore Production Sharing Contracts (PSCs) across South Sumatr and is fully focused on quickly moving its high value unconventional gas assets from exploration to development stage.

Why did the NuEnergy share price rocket higher today?

Today’s impressive gain by the NuEnergy share price not only caught the eye of investors but also the Australian share market operator. This morning it hit the company with a price query request.

In response to the request, management said: “The Directors are unaware of any other explanation for the recent trading in its securities. The Directors confirm that with respect to the Tanjung Enim PSC, the approval of Tanjung Enim POD 1 is still in progress. The Muralim PSC is still being prepared for submission.”

What has been happening recently?

During the last quarter, NuEnergy’s attention was principally focused on efforts to secure approval for the Tanjung Enim PSC Plan of Development 1 (POD 1) and continuing to amend the Tanjung Enim PSC contract.

Since the end of the quarter, the company has made further developments.

According to a recent release, the company received an acknowledgement letter from Indonesian authorities in connection with its 40% working interest in the 587 km2 Muara Enim PSC.

This letter confirmed the discovery of natural gas in the Muara Enim PSC area, acknowledged the completion of the exploration firm commitments by NuEnergy, and allows NuEnergy to submit a plan of development (POD) within the next 3 years.

This news appears to have got investors excited and has helped drive the NuEnergy share price materially higher since the start of the year.

More reading

• Leading brokers name 3 ASX shares to buy today
• SciDev (ASX:SDV) share price jumps 10% on inaugural profit result
• What’s moving the Charter Hall Long WALE (ASX:CLW) share price today?
• Why the Creso Pharma (ASX:CPH) share price is tumbling 5% lower
• Why the Afterpay (ASX:APT) share price is exploding even higher today

Motley Fool contributor James Mickleboro 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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy.

The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Computershare Ltd (ASX: CPU)

According to a note out of Macquarie, its analysts have retained their outperform rating and $15.95 price target on this administration services company’s shares. Macquarie’s research appears to show that Computershare is losing market share in the US Mortgage Servicing market. It suspects this could weigh on its short term earnings. However, the broker believes investors should look beyond this short term weakness and focus on the sizeable long term opportunity it has over the in the US. The Computershare share price is trading at $14.57 today.

Super Retail Group Ltd (ASX: SUL)

Analysts at Goldman Sachs have retained their buy rating and $14.80 price target on this retailer’s shares. According to the note, the broker is expecting Super Retail to deliver a half year profit a touch ahead of the market consensus estimate. It expects this to lead to a dividend increase notably ahead of what the market is expecting. It has pencilled in a 42.7 cents per share interim dividend, compared to the consensus estimate of 37 cents per share. The Super Retail share price is trading at $11.86 on Monday.

Woolworths Group Ltd (ASX: WOW)

Another note out of Macquarie reveals that its analysts have retained their outperform rating and lifted the price target on this retail giant’s shares to $44.50. According to the note, the broker believes that Woolworths will benefit from strong consumer spending in 2021. The broker also feels that the company’s online business is outperforming its peers and winning market share. It suspects this trend could continue. The Woolworths share price is fetching $41.68 on Monday afternoon.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia owns shares of Woolworths Limited. 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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SciDev Ltd (ASX: SDV) shares are soaring today after the company released its half-yearly report. In morning trade, the SciDev share price jumped 10% to an intraday high of 77 cents before retracing to its current price of 73.5 cents, up 5%.

Why is the SciDev share price rising?

The ScidDev share price is responding positively today after the company announced its first-ever profit. 

ScidDev’s revenue for the first half of FY21 came in at $18.3 million, reflecting strong business development across all four of its sectors. As drilling activities continued to rebound, the oil and gas sector’s continued growth delivered an impressive $6.9 million towards revenue. All up, this drove the impressive 300% in revenue growth compared to the same period last year.

Cash receipts were also strongly higher on the prior corresponding period, rising from $3.8 million to $15.8 million for the half. However, despite the strong uplift in cash receipts, cash from operating activities was negative $4.6 million for the period. SciDev claims that the negative cash flow reflects timing differences between revenue and costs, and a product inventory build as the company aims to drive future growth.

Despite the negative cash flow, SciDev held $7.1 million in cash at the end of the half, ending the period with $3.5 million of inventory on hand. 

Management comments

Reflecting on the company’s performance in the first half of  FY21, SciDev chief executive officer Lewis Utting said:

It is pleasing to deliver a profit over this period. The strong revenue growth we delivered is a positive reflection of the continued work from the SciDev team and the growing acknowledgement and appreciation from the market for our bespoke products and technology.

Importantly, we are continuing to progress towards cashflow sustainability. The Company delivered a positive net cashflow from operations of A$1.8m in the second quarter. With our growth pipeline and strong gross profit margin we will continue to push towards positive cash generation over the remainder of FY21.

Outlook

Also in today’s update pushing the SciDev share price higher, the company commented on its plans for the remainder of FY21. These include focusing on SciDev’s presence in the North American oil and gas sector. On this front, the business is continuing discussions with technology partners in the area. It also plans to carry out ongoing assessments of strategic growth opportunities globally.

The SciDev share price has had a disappointing time as of late, falling by more than 4% over the last month prior to today’s rise. Incorporating today’s share price gains, SciDev shares are up 0.68% for the one-month period. In comparison, the All Ordinaries Index (ASX: XAO) has risen 2.2% over the same period.

More reading

• What’s moving the Charter Hall Long WALE (ASX:CLW) share price today?
• Why the Creso Pharma (ASX:CPH) share price is tumbling 5% lower
• Why the Afterpay (ASX:APT) share price is exploding even higher today
• The Cobalt Blue (ASX:COB) share price is rocketing 13% today. Here’s why
• Here’s why the Magnis (ASX:MNS) share price surged 15% this morning

Motley Fool contributor Daniel Ewing 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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The Charter Hall Long WALE (ASX: CLW) share price is trading roughly 0.74% higher today following the release of the company’s FY21 half-year results. At the time of writing, the Charter Long share price is $4.74.

Charter Hall is an Australian real estate investment trust (REIT). The company’s real estate assets are predominantly leased to corporate and government tenants on long-term leases.

Charter Hall’s financial highlights

The Charter Hall share price is up slightly on the back of the company reporting its most recent half-year results. The REIT reported $697 million of new investments during the six months ending 31 December 2020.

The company estimates its portfolio valuation is $4.5 billion, up from $3.6 billion as at 30 June 2020.

Charter Hall increased its total asset growth by 16.5%, or $509 million. The company said the gain is a product of acquisitions that settled during the period and a property evaluation uplift of $150 million.

The company raised $388 million of equity during 1H FY21. During the timeframe, additional capital management activities included the increase of existing bank facilities by $150 million and extending the maturity of the agreements by 1.1 years.

Charter Hall Exchange Investment Trust, in which the company has a 50% interest, also completed a $300 million 10-year medium-term notes issuance during the period.

Operating earnings per share (EPS) jumped 3.6% over 1H FY20 to come in at 14.5 cents per share. Charter Hall reaffirmed its FY21 Operating EPS guidance of no less than 29.1 cents per security.

A snapshot of the Charter Hall property portfolio

Charter Hall listed having 459 properties as of December 2020 with a 97.5% occupancy rate. The weighted average lease expiry (WALE) is approximately 14 years.

Some tenants of Charter Hall include Woolworths Group Ltd (ASX: WOW), Telstra Corporation Ltd (ASX: TLS), and BHP Group Ltd (ASX: BHP). The company also leases office space to several government departments.

Charter Hall categorises its tenants as telecommunications, government, grocery and distribution, fuel and convenience, pubs and bottle shops, food manufacturing, water and recycling management, and ‘other.’

In late January, Charter Hill also secured a $20 million Brisbane warehouse deal. Construction Equipment Australia will be one of the company’s latest tenants upon completion of the Darra-based 5,600sq m facility.

Management commentary 

Reflecting on new business and partnerships formed during the first half of FY21, Avi Anger, Charter Hall Long WALE REIT fund manager said:

During 1H FY21 we further diversified and improved the resilience of CLW’s portfolio and increased the portfolio WALE. We extended our partnership with bp, acquiring an interest in 70 Long WALE triple-net (NNN) convenience retail properties in New Zealand. In December, we further expanded our telco exchange portfolio with the acquisition of Telstra’s Pitt Street, Sydney CBD telco exchange. At the end of the period, we also agreed to acquire a 50% interest in the David Jones flagship Elizabeth Street store in the Sydney CBD.

Over the past 12 months, the Charter Hill share price has fallen over 14%.

More reading

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Motley Fool contributor Gretchen Kennedy 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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The Creso Pharma Ltd (ASX: CPH) share price has been a poor performer on Monday.

At one stage today the cannabis company’s shares were down almost 5% to 20 cents.

The Creso Pharma share price has since recovered a touch but is still down 2.5% to 20.5 cents at the time of writing.

Why is the Creso Pharma share price sinking 5%?

Today’s decline appears to be in relation to an announcement out of Creso Pharma this morning.

According to the release, the company has brought the marketing and sales function of its cannaQIX product inhouse in Switzerland. Creso will be taking over from its commercial partner Doetsch Grether.

Management revealed that it made the move following a growing trend of direct inbound sales enquiries and interest in cannaQIX.

The release explains that cannaQIX is listed with key wholesalers reaching over 2,100 point of sales to consumers. This includes through pharmacies, pharmacy networks, drugstores, health nutrition shops, and bigger retail shops such as Manor. Today’s decision means that Creso will now be directly supplying all major wholesalers in the country.

In addition to this, the company notes that by bringing this function inhouse, Creso is able to improve its profit margins for cannaQIX substantially. It also believes that it sets the stage for further product extensions and new product launches such as cannaDOL in Switzerland.

However, judging by the Creso share price performance, some investors don’t appear overly convinced by the move.

Though, management seems to think it is the right thing to do. The company’s Commercial Director, Dr. Gian Trepp, said: “We are implementing phase 3 of Creso’s operational launch plan by bringing the marketing & sales function of our products inhouse. While we are thankful of having benefitted from our partnership with Doetsch Grether, our direct sales model will give Creso the opportunity to expand its profit margins as it enters a new phase of growth.”

More reading

• Why Cann, Creso, LiveTiles, & New Corp shares are tumbling lower today
• What’s happening with the Creso Pharma (ASX:CPH) share price today?
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• Here’s why the Creso Pharma (ASX:CPH) share price is rocketing 18% higher
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Motley Fool contributor James Mickleboro 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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The Afterpay Ltd (ASX: APT) share price is on fire again today, just one trading day after hitting a new all-time high last week.

The Afterpay share price is sitting at $155.19 at the time of writing, up 2.57% today. But earlier this morning, the buy now, pay later (BNPL) market darling again hit another new record high, this time $156.50 a share.

That means that Afterpay shares are up more than 10% over the past week alone, more than 33% over the past month, and more than 300% over the past 12 months. At the company’s current market capitalisation of $44.15 billion, Afterpay is now worth more than ASX blue chips like Coles Group Ltd (ASX: COL), Telstra Corporation Ltd (ASX: TLS) and Transurban Group (ASX: TCL).

So what on earth is going on here?

Investors step on the gas

There are 2 powerful tailwinds that Afterpay is sitting in to note before we even discuss today’s move.

The first is the recent good form the entire S&P/ASX 200 Index (ASX: XJO) has been experiencing over the past week in particular, off the back of the Reserve Bank of Australia’s (RBA) announcement last week.

The RBA announced that it would double-down on its quantitative easing (QE) programs and probably keep interest rates at the record low of 0.1% until 2024. This has lit a fire under the ASX and sent investors chasing growth stocks in particular. Afterpay fits that bill very well.

Secondly, the BNPL space has also been driving investors’ wild. Late last month, Afterpay’s rival Zip Co Ltd (ASX: Z1P) delivered a very positive quarterly update, in which it outlined that transaction volumes were up 103% to $1.6 billion over the quarter. Since BNPL is still a relatively new industry, perhaps it’s still a case of a ‘rising tide lifts all boats’ for investors.

These are all strong undercurrents that are certainly not hurting investor sentiment over Afterpay today.

The Afterpay-ty rages

But perhaps the biggest catalyst for Afterpay today is attention from brokers.

According to reporting in The Sydney Morning Herald (SMH) this morning, broker Seaport Global has slapped Afterpay shares with a ‘buy’ rating and a new price target of $175 a share. That implies an upside from the current share price of roughly 13%. Perhaps that was all that some investors already experiencing FOMO over Afterpay needed this morning.

The SMH report also states that another broker in Morgan Stanley is also bullish on Afterpay, noting the company’s app downloads in the United States in January were double what they were a year ago. That in turn, Morgan Stanley argues, bodes well for future revenue growth.

The Afterpay share price – arguably the longest and wildest party on the ASX – looks set to keep raging if those assessments prove accurate.

More reading

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• Treasury Wines (ASX:TWE) share price lifts amid media speculation
• Why the News Corp (ASX:NWS) share price is at multi-year highs

Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO, COLESGROUP DEF SET, and Transurban Group. 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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The Cobalt Blue Holdings Ltd (ASX: COB) share price is on a tear today. Shares are up 13% in early afternoon trading.

Investor interest appears to have turned to Cobalt Blue following an update on the company’s Broken Hill Cobalt Project in New South Wales.

What progress did Cobalt Blue report at Broken Hill?

In this morning’s ASX release, Cobalt Blue revealed that its wholly-owned subsidiary, Broken Hill Cobalt Project Pty Ltd, had received notice of its proposed grant of exploration licence application.

The tenement application covers some 67sq km and will increase Cobalt Blue’s exploration area in the Broken Hill region by approximately 70%.

The company said its advanced exploration targeting bolsters the long-term exploration opportunities at Broken Hill.

Commenting on the project, Cobalt Blue CEO Joe Kaderavek said:

We are continuing to assess opportunities for further acquisition across the Curnamona Province. With the current mineral resource inventory supporting a 17-year operation, further consolidation in the region will secure long-term exploration potential.

The company said it will prioritise the continued consolidation of ground within the Broken Hill region. This consolidation supports its long-term exploration strategy.

So far the company has identified numerous exploration targets, which it reports could enable it to sustain the mineral resource growth it’s achieved since 2016. Several targets identified by the 2017 VTEM-Max survey have not been tested yet. Two of these areas remain a high priority for further exploration: Pyrite Hill South and Railway South.

Cobalt Blue share price and company snapshot…

Cobalt Blue Holdings is a mineral exploration and project development company with a focus on cobalt. The company predicts it will see strong demand for cobalt – used in lithium-ion batteries – as the world transitions away from fossil fuels.

The company first traded on the ASX in February 2017 and now has a $79 million market capitalisation.

With today’s intraday gains taken into account, the Cobalt Blue share price is up 56.5% in 2021. By comparison, the All Ordinaries Index (ASX: XAO) is up 3.2% this calendar year.

Over the past 12 months, Cobalt Blue shares are up 177%. And investors who bought at the 24 March lows are sitting on a share price gain of 350%.

More reading

• Cobalt Blue (ASX:COB) share price shot up 42% this afternoon. Here’s why.

Motley Fool contributor Bernd Struben 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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Shares in Magnis Energy Technologies Ltd (ASX: MNS) surged higher in morning trade following the company’s update regarding its heavily over-subscribed placement. The Magnis share price reached an intraday high of 38 cents this morning after emerging from a trading halt.

However, at the time of writing, some profit taking has led the company’s shares to retrace back to 33 cents, now flat for the day so far.

What drove the Magnis share price higher?

The Magnis share price was temporarily boosted today after the company reported a successful placement to fast-track its New York battery project.

According to its release, Magnis advised that local and overseas institutional, professional, and sophisticated investors took part in the placement. The firm commitments received will raise $34 million for the company through the issuance of 121,428,572 ordinary shares.

The offer price will be listed at 28 cents apiece and include a free attaching unlisted option with each share. The exercisable option will be at a strike price of 50 cents for each share applied. These options will have an expiry date of two years from the date of issue.

Due to current capacity limits, Magnis will split the placement into two tranches. The first portion will consist of 108,309,700 fully paid ordinary shares, for which the company will utilise its 15% capacity under listing rule 7.1.

The second tranche, comprising the remaining 13,118,872 shares and the entire unlisted options, will be conditional on shareholder approval. This is because the company has exceeded its maximum allocation of shares without a shareholder vote.

Magnis stated that the funds received from the placement will be put towards progressing its New York battery plant. It’s estimated that the iM3NY battery plant will move into production sometime later this year.

Once completed, the iM3NY project will be largest lithium-ion cell manufacturer in the United States. The plant is expected to produce up to 15 gigawatts aimed at servicing the global energy market.

The company also noted that along with the placement, it has obtained debt and equity facilities to continue project financing. It expects the loans to be readily available before the end of the current financial quarter.

Management commentary

Magnis chair Frank Poullas commented on the company’s update, saying:

We have been working hard to achieve this funding for our New York project and to become a significant global producer of lithium-ion batteries. Strong investor appetite for clean energy technologies was evident through the overwhelming demand for this raise.

Today’s announcement will allow us to fulfill our goal of bringing the iM3NY plant into production in 2021 and cementing our place is this exciting emerging industry.

Magnis share price snapshot

The Magnis share price has surged 200% over the last twelve months despite dropping to around 5 cents in May 2020. Magnis shares reached a 52-week high of 42 cents late last month. Based on the current Magnis share price, the company has a market capitalisation of around $240 million. 

More reading

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• How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?
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• Why Perpetual Investments gives Qantas (ASX:QAN) shares the thumbs up

Motley Fool contributor Aaron Teboneras 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.

The post Here’s why the Magnis (ASX:MNS) share price surged 15% this morning appeared first on The Motley Fool Australia.

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