ASX Tech Stocks: Environmental Clean Technologies (ASX:ECT) jumps 20% after board reshuffle and $3m raise
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Top of the tech stocks today is Environmental Clean Technologies (ASX:ECT) which jumped a solid 20% after appointing Jason Marinko and Tim Wise to its board as non-executive directors.
Marinko has experience in the technology and investment banking industries and a proven track record in leading technologies to commercialisation when he was executive chairman of geospatial imagery company Spookfish.
He was previously CEO of Little World Beverages and an executive director at ASX-listed logistics technology company, Yojee Limited, and is currently a non-executive director of legal tech innovator, Immediation Limited.
Wise on the other hand has expertise in the energy, industrial innovation and technology sectors and more than 20 years’ experience in public companies and capital markets.
He was the founder and former CEO of Kalina Power Ltd (ASX:KPO) and The Tap Doctor.
Currenty, Wise is an executive director at Phos Energy Limited and a non-executive director of Tamaska Oil and Gas Limited (ASX:TMK), Graft Polymer plc and Melchor Pty Ltd.
Plus, the company also announced it received firm commitments for a promissory note raising of $3 million via the issue of promissory notes – each with a face value of $1.00.
And Marinko and Wise have already shown support to ECT, participating in the raising to the tune of $50,000 (Marinko) and $25,000 (Wise).
The funds will be used to construct a small-scale Coldry demonstration and char plant in Bacchus Marsh – as well as providing funding for complementary ESG acquisition, business development opportunities and working capital.
Other ASX tech stocks with news out today:
The surveillance systems company’s share price rose after it announced a $2 million capital raising by way of a 1-for-3 non-renounceable entitlement offer.
The plan is to issue around 111.7 million new shares at 1.8 cents per share.
Plus, the offer is fully underwritten by major shareholder Finico Pty Ltd.
DTI said the proceeds will provide working capital and will strengthen its balance sheet for future growth.
Enterprise software company TechnologyOne rose 3.36% today off the back of news it’s acquired Scientia – a UK higher education software provider – for £12 million.
This includes an initial payment of £6m and further payments, based on achieving progressive earnouts out to FY23.
“This acquisition forms part of our strategic focus to deliver the deepest functionality for higher education and it will accelerate our growth and competitive position in the UK as well as have significant benefits in the Australian Higher Education market,” TechnologyOne CEO Edward Chung said.
Cloud technology company MOQ was unchanged today, despite announcing it’s selling wholly owned subsidiary Iimage Technical Services Pty Ltd – which trades as Skoolbag – for $4 million cash.
MOQ CEO Joe D’Addio said the divestment of the non-core asset allows the company to “solely focus our efforts on growing MOQ into a market leading cloud centric technology services and solutions business, supporting our clients on their digital transformation journey.”
“We continue to actively pursue suitable growth opportunities both via organic investment or through further synergistic acquisitions in the technology sector,” he said.
Down 2.44% was DC Two which designs datacentres and cloud hosting solutions.
The company’s share price dropped off the back of news its Victorian data centre has entered the next stage of development, with project partner Joule Energy Pty Ltd purchasing an individual modular data centre unit from the company for $482,396.
Both companies are also working towards formal agreements relating to property access for multiple DC Two owned and operated data centre modules to be installed at the site, along with finalising power purchase agreements and ongoing management of the data centre.
Plus, the company is also keen to provide additional services to Joule for the ongoing management of data centre and IT servers and equipment, potentially resulting in future recurring revenue.