Archer Materials (ASX:AXE) is ‘well capitalised’ & debt-free. Here’s how

Highlights

  • Archer Materials has termed the past Quarter as extremely important in its history as Archer transitioned to a pure-play deep technology company.
  • In the first quarter Activities Report, the Company has reported Significant technological progress in 12CQ chip development with the first indication of on-chip qubit control.

ASX-listed Australia-based materials technology company Archer Materials Limited (ASX:AXE) shared its activities for the three months ending 30 September 2021.

In its list of significant activities for the First Quarter, the Company today revealed:

  • Archer is now a pure-play semiconductor company focusing on developing the Company’s 12CQ quantum computing chip.
  • The Company is well capitalised with approximately AU$29.4 million cash and no debt.
  • Archer is one of few companies in the semiconductor industry with patents protecting qubit processor chip technology with patents related to the 12CQ chip granted during the Quarter in the US, China, and South Korea.
  • Archer’s 100% owned patent application related to its graphene-based biochip technology progressed during the Quarter.
  • Completing the sale of the mineral exploration business allows Archer to change its GICS code to “Semiconductors” and seek inclusion in the S&P/ASX All Technology Index.

The Company expects that a change of its GICS code to “Semiconductors” will provide it with an opportunity to be admitted to the S&P/ASX All Technology Index.

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Archer’s 12CQ is a world-first qubit processor technology the Company is developing to allow for mobile quantum computing powered devices. During the Quarter, Archer made significant technology development advancements towards on-chip qubit control. 

Today the stock AXE closed 2.598% lower at AU$1.500 per share on ASX today.

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Bottom Line:

The Company believes that the development of 12CQ quantum computer chip technology development is unique, and with the recent grant of the US patent, AXE is looking forward to expanding overseas.

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