The company’s shares ended the day on a positive note.
The post PPK (ASX:PPK) share price storms 9% higher to an all-time high appeared first on The Motley Fool Australia. –
The PPK Group Limited (ASX: PPK) share price rose to a record high during late afternoon trade. This comes as the company announced an update in relation to the proposed listing of Li-S Energy Limited (LiS).
At the closing bell, PPK shares finished the day up 9.45% to $21.89. This was just shy of its all-time high of $21.92 reached earlier on.
What did PPK announce?
Investors are fighting to get a hold of PPK shares following the company’s latest approval.
According to the release, PPK advised its 48.5% owned subsidiary LiS has received conditional listing approval from ASX. One of the remaining conditions is receipt by LiS of the remaining escrow deeds for particular classes of existing securities.
A common step in connection with a new listing on the ASX, which requires the securities to be placed into escrow for either 12 or 24 months.
LiS is seeking to launch a $34 million initial public offering to commercialise a new generation of high-performance batteries. Approximately 40 million shares are expected to be issued at a price of 85 cents apiece.
The company uses Boron Nitride Nanotubes (BNNT) technology, which allows lithium-sulphur batteries to hold a significantly higher energy capacity than existing lithium-ion batteries.
Li-S holds key patents covering the function of BNNT to create large scale manufacturing of lithium-sulphur batteries.
Over the coming years, Li-S plans to finalise the design and scale up production of the new batteries. Such applications include charging an electric vehicle after 1,000 kilometres of driving, off-grid solar/battery street lighting and more.
Post the capital raising, PPK will increase its stake in LiS to a 50.12% direct and indirect holding.
PPK share price summary
It has been 12 months for PPK investors, watching their wealth grow over 430% in the period. Year-to-date has also been just as impressive, accelerating to gains by more than 275%.
Based on today’s price, PPK commands a market capitalisation of roughly $1.93 billion and has around 89 million shares outstanding.
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PPK (ASX:PPK) share price up 52% in a month despite Li-S Energy IPO hurdles
Who’s starting the week off as the biggest mover on the ASX 300 today?
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.