4DS Memory says it has no idea why 100 million of its shares were traded in the past month
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Data storage tech company 4DS Memory has had to answer its second speeding ticket in a month from the ASX, but it says it has no idea why so many people are buying and selling its shares.
More than one million 4DS Memory (ASX:4DS) shares have traded hands in 14 days in the past month, with more than 76 million being bought and sold in 2019 so far alone. Shares have also tracked up to 7c a pop.
That prompted an ASX price and volume query on Friday, to which 4DS replied today: we don’t know.
It said the only explanation it could come up with was a November 13 announcement outlining a potential Q1 2019 update on the development progress on one of its computer chips was exciting investors.
On December 14 last year, 9.4 million 4DS Memory (ASX:4DS) shares traded hands, a huge spike after a barren October and November. The buying price also jumped from 4c to 5.4c, prompting a query from the ASX, but 4DS said at the time nothing was doing.
In excess of 106 million 4DS shares have exchanged hands in the past month.
That November 13 announcement was the completion of a $3.2 million cap raise, funding for “development activities to achieve key strategic and technical milestones”.
“The placement proceeds will be used to fund the Company’s ongoing development activities relating to its Interface Switching ReRAM and to achieve key strategic and technical milestones with imec,” it said. “The second lot of 300mm wafers are expected for analysis in Q1 2019.”