Tern (LON: TERN) soared 127% to 8.5p when it announced on Friday that investee company Wyld Networks is exploring potential areas of collaboration with SpaceX. Tern owns 27% of Wyld Networks.
Orcadian Energy (LON: ORCA) shares gained upward momentum during the week. On Wednesday it said that it did not know why the share price is increasing and pointed out more cash will need to be raised. The supportive news from the government about the North Sea oil sector has attracted investors to Orcadian Energy. There are discussions with potential partners for the Pilot project or it is possible that it will be sold outright. The share price jumped 96% to 4.9p.
Scirocco Energy (LON: SCIR) is near to completing the disposal of its interest in the Ruvuma project in Tanzania. The tax liability has been assessed as $150,000. The licence will eventually be transferred to ARA Petroleum. A payment of $2.5m will be received on completion. A further $13m is payable depending on achieving targets and a revenue share on production. The share price increased 64.3% to 0.575p.
Former ITM Power (LON: ITM) boss Dr Graham Cooley has increased his stake in Light Science Technologies (LON: LST) from 3.3% to 4.8%. The share price recovered 36.8% to 2.12p.
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Fallers
Deltex Medical Group (LON: DEMG) returned from suspension on Wednesday and fell to a new low of 0.21p before ending the week down 79.2% to 0.25p. The blood circulation monitoring devices developer raised £1.9m at 0.2p/share. The focus is on creating recurring revenues and marketing the company’s new monitor. There will also be cost cutting to reduce the cash outflow.
Aptamer Group (LON: APTA) is raising £3.6m at 1p/share to provide working capital to cover losses. The share price slumped 52.6% to 2.25p. The annual costs will be reduced from £6.4m to £3.5m. Cash breakeven is anticipated in the year to June 2025. Four directors have resigned, and four new directors appointed, including the return to the board of former chief executive Dr Arron Tolley. Dr David Bunka will switch to chief scientific officer on lower pay. A new chief executive will be appointed. The formal sale process has been ended.
Supercapacitor supplier Cap-XX (LON: CPX) has been hit by shipping delays and it expects 2022-23 revenues to decline by 29% to £2.1m. The share price slumped 42.6% to 1.35p, which follows a recent recovery in the share price.
Phil Terry has taken a 3.14% shareholding in cash shell Itsarm (LON: ITS). The share price dipped 41.3% to 1.85p after the previous week’s jump, but it remains a multiple of its level two weeks ago.