Tech: 9 Spokes investors say TGIF! to latest Kiwi banking news with an 81pc price spike
9 Spokes (ASX:9SP) has gifted its shareholders a golden Friday with a piece of news that has sent its share price stratospheric.
Today it said Bank of New Zealand (BNZ — and owned by NAB) had “gone live” with a white label version of software that aggregates apps used by small businesses, such as payroll and accounting, so users can see all of the data on one platform.
The stock surged 81 per cent to 2.9c.
This wasn’t technically new news: BNZ was already a known customer of 9 Spokes, having signed the contract in March 2018, and the platform was expected to go live last week.
But investors are beginning to make a habit out of buying large whenever 9 Spokes makes waves.
In March the stock rocketed 240 per cent after it said Microsoft approved them as a ‘One Commercial’ partner, with a listing in the app marketplace and a promise to co-sell, co-build and co-market the software to clients.
Days later it bounced 110 per cent after merely saying it was exploring business opportunities with Visa.
9 Spokes has contracts with Oversea-Chinese Banking Corporation (OCBC), Barclays, and says it’s talking to a US bank.
Battery maker Ultracharge (ASX:UTR) has revealed the reason behind its shock sale of the IP around a key battery component: a serious cash squeeze.
It has also paused all R&D, cut costs, and is planning a strategic review. Its now focusing entirely on the electric scooter Roadix and Blitz contracts, but say the latter has been delayed “due to some technical issues unrelated to our products”. It’s hoping Blitz will make a final decision on buying the specially designed batteries in the next two to three months.
Orcoda (ASX:ODA) has learned the hard way that in China, the odds are rarely in one’s favour. The company had been trying to extract $4.1m worth of trade debt out of state-owned China Mobile, and took them to court last year. In January a Nanjing court ruled in favour of China Mobile not having to pay, and Orcoda said its appeal had been dismissed as well.
Managing director Geoff Jamieson said they won’t be pursuing it any longer.
“According to written advice from our acting solicitor, the defendant, a state-owned enterprise, failed to provide evidence as requested by the Court and yet somehow still managed to win the case and defend the appeal.”