Equipmake (AQSE:EQIP), the UK-based engineering specialist, said it is working in partnership with First York and has delivered a fleet of 12 upgraded electric buses with all vehicles now in full operation in the city. EQIP said it was delighted this 12-strong fleet of repowered Optare Versas is now operating in the city for First York, with all featuring its electric drivetrain. This is fantastic news for passengers and the people of York, making a significant contribution to local air quality. For operators, it believes that repowering existing buses offers an excellent opportunity to progress zero-emission targets.
Comment: While we mull over whether York is big enough to have an air pollution problem, or whether the EV revolution has hit the skids, EQIP continues to make progress in the public transportation space. That said, the shares have cooled off from their £100m market cap peak – quite an achievement on Aquis.
Beeks Financial Cloud Group (BKS), a cloud computing and connectivity provider for financial markets, announced a strategic partnership with Securities & Trading Technology (STT), a leader in trading, clearing, and surveillance technology. BKS said its collaboration with STT marks an exciting chapter in its mission to innovate the financial services industry. By leveraging its combined expertise, it will provide clients with a streamlined, risk-mitigated solution that is poised to transform the way financial institutions operate.
Comment: Shares of BKS are up nearly 80% already this year, quite an achievement given the company’s lack of profile, and relatively low sizzle in terms of the sector it occupies.
Wildcat Petroleum (WCAT) published its Quarterly review Jan -March 2024. In South Sudan the company said that during the last quarter it had passed a due diligence process conducted by the South Sudanese Ministry of Petroleum (MOP). The Company has been invited by the South Sudanese Ministry of Petroleum to visit them in Juba in order to discuss current oil production opportunities in the country. WCAT is planning to arrange a meeting in mid-April once Ramadan is over.
Comment: The market has continued not to factor in the way that WCAT has indeed passed the DD of South Sudan, meaning that as soon as it gets the thumbs up on a deal in the country it would be good to go in terms of oil production.
Roquefort Therapeutics (ROQ), the Main Market listed biotech company, noted recent bulletin board speculation about a placing that the Company may be undertaking. The Company recently engaged its advisers to commence a process of market soundings in relation to a potential fundraise. However, in response to incorrect bulletin board comments regarding a speculative placing price and resulting unusual share price movements, the Board has decided to not proceed with any potential placing at this time. As previously announced, Roquefort Therapeutics remains focused on completing an out-licensing agreement during the course of 2024 with potential Big Pharma partners and will update the market when a binding agreement is entered into.
Comment: We are reminded by today’s announcement from ROQ that the current market soundings process is leakier than a sieve even at the best of times. Good for shorters, not so good for those trying to create value for shareholders. Presumably ROQ will try again on the fundraise front after a discrete period of time.
Argo Blockchain (ARB), a cryptocurrency miner, provided an operational update for March 2024. During the month of March, the Company mined 103 Bitcoin, or 3.3 Bitcoin per day. This is a 5% increase in daily Bitcoin production compared to the prior month, despite a 4% higher average network difficulty in March 2024. ARB said it was pleased by the increase in daily Bitcoin production it achieved in March, despite an increase to average network difficulty and the limited downtime from relocating its miners to Baie Comeau following the sale of our Mirabel facility. As it approaches the halving, it continues to focus on streamlining its operations and running as efficiently as possible.
Comment: It has been noticeable that the latest record run for Bitcoin, and the run up to the halving has not really delivered for stocks related to this space. At least ARB has not thrown any new spanners in the works regarding its funding position, although it has said cash is tight.
Agronomics (ANIC), a company focused on the field of cellular agriculture, announces that it has invested US$ 10 million in its portfolio company Liberation Labs Holding Inc. as part of a wider US$ 12.5 million financing round with participation from existing investor Siddhi Capital. ANIC said Liberation Labs continues to deliver on the project milestones of its launch facility in Indiana. We have huge confidence in the team’s ability to execute and believe that Liberation Labs will become the first company in Agronomics’ portfolio to be cash generative.
Comment: ANIC must be totally enamoured with Liberation if it is prepared to shell out $10m. But given that the shares are at three year lows, a big investment is arguably required to move the dial.
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