What is Ookami and why did its share price skyrocket 130 per cent?
A tiny company on the ASX saw a massive move in its share price on Wednesday, despite not seeming to have done anything.
More than 34 million shares in Ookami Limited (ASX:OOK) changed hands, moving the price from 1.6c to 3.7c — more than 130 per cent.
The company had no new announcements, and its last update of any real substance was in June.
That announcement was to say its subsidiary, Akela Capital, had launched a smartphone app.
Akela is a website — and obviously now an app as well — that lets people buy shares in IPOs, backdoor listings and other capital raisings.
Akela has so far offered its members opportunities in seven different ASX listings — four IPOs (Open DNA, ServTech, eSense and G Medical) and three reverse takeovers (Dotz Nano, Flamingo and Pure Minerals).
However Akela didn’t appear to do anything noteworthy this week either.
Its last offer, for Pure Minerals, closed in July and there have been no new ones announced since then.
Ookami says Akela is just the first piece in its ambition to build a portfolio of technology companies, and it’s currently looking at other companies to potentially acquire.
Ookami listed in February last year after a reverse takeover of Advanced Engine Components. Akela then launched in September 2016.
The ASX sent Ookami a price and volume query on Wednesday (commonly called a “speeding ticket”), asking if the company knew of any reason for the increase in activity. It said it did not.