4DS Memory's (ASX:4DS) share price jumps over 30%; here’s why

December 07, 2022 02:27 PM AEDT | By Ashish

4DS Memory's (ASX:4DS) share price jumps over 30%; here’s why — Image source: © Stbernardstudio | Megapixl.com

Highlights

Shares of 4DS Memory rose 32% just after the market opened.

But the shares of the ASX-listed tech firm soon settled down.

Shares of 4D Memory were under a trading halt on Tuesday.

Shares of 4DS Memory Ltd (ASX:4DS) rose 32% just after the market opened on Wednesday following an ASX announcement. The share price of the semiconductor memory storage company reached an intraday high of 6.6 cents shortly after the market opened.

However, shares of the ASX-listed tech firm soon settled down and were trading at AU$0.052, up 4%, or 0.0020 points, at 12:55 AM (AEST). Shares of 4D Memory were under a trading halt on Tuesday following a price query from the ASX.

What boosted 4DS Memory’s share price in the opening session

4DS on Wednesday informed the shareholders about its 2023 collaboration with imec, saying it had finalised arrangements to extend the collaboration project into mid-2023. The company also said that the Fourth Platform Lot will start in the first quarter of 2023. The company expects delivery at the end of the second quarter of 2023.

What did 4DS Memory’s management say?

4DS Memory executive chair Wilbert van den Hoek said, “We are extremely pleased to have reached an 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.”

4DS Memory’s share price movement

Shares of the company are down over 40% on a year-to-date (YTD) basis. However, in the past month, the shares have gained over 70%. In the past five days, the share price has risen over 90%. The 4DS Memory share price has fallen 42% so far this year. The performance is almost on the same lines as the information technology index, which fell 34% on a YTD basis.

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