Home Money SMALL CHAPTER MOVEMENTS: Filtronic Stock Soars After SpaceX Deal

SMALL CHAPTER MOVEMENTS: Filtronic Stock Soars After SpaceX Deal

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In sight of a deal: Elon Musk's SpaceX could become a major shareholder in technology company Filtronic

Shot? It shot itself? He went away? Whatever word you choose, the news that Elon Musk’s SpaceX could become a major filteronic The shareholder definitely started a fire at the AIM-listed microwave technology company.

Filtronic confirmed on Wednesday that it will supply ‘E-band solid-state power amplifier’ modules for SpaceX’s Starlink satellite constellation under a $19.7 million deal.

Along with the strategic partnership, Filtronic will issue a total of 21.7 million warrants to SpaceX, allowing the American rocket group to acquire 10 percent of Filtronic’s share capital.

The first modules are scheduled for delivery in 2025, with orders expected to continue flowing thereafter to support the ongoing deployment of SpaceX’s Starlink constellation.

SpaceX Vice President of Starlink Engineering Mike Nicolls called Filtronic an “exceptional supplier for Starlink.”

In sight of a deal: Elon Musk’s SpaceX could become a major shareholder in technology company Filtronic

Previously little-known Filtronic shares soared, ascended to the stars etc, adding 43 per cent over the week to hit an all-time high of 47.34p.

The AIM All-Share Index had a resoundingly strong week overall, having risen 1.5 per cent over the five-day session to hit 756 on Friday.

However, this was only half as good as the FTSE 100 index. Stellar earnings from big domestic companies including AstraZeneca, LSEG, Barclays, Reckitt and more (not to mention a strong performance from Microsoft and Google parent Alphabet across the pond), sent the blue-chip index to a series of all-time highs amid a 2.7 percent weekly rally.

Speaking of all-time highs, how many small caps can boast of being at all-time highs right now?

This reporter hasn’t done the necessary research, but there are now at least two.

AIM Listed Cosmetics Supplier war paint london plc’s sales, margins and profits hit a record last year following significant growth across all geographic regions. Warpaint shares hit an all-time high of 500 pence, closing the week up 8.5 per cent.

Filtronic wasn’t the only AIM member to benefit from a large-cap partnership.

ANGLE PLC Stock rose 30 percent following the announcement of a strategic partnership with AstraZeneca that aims to advance cancer drug development by improving ANGLE’s DNA damage response assay.

Specifically, the collaboration will focus on adapting ANGLE’s existing Parsortix-based assay to identify micronuclei in circulating CTC tumor cells, a crucial step in studying DNA damage responses.

ANGLE stock pulled back a bit later in the week, but still closed up a respectable 23 percent.

Base Resources Ltd led the small-cap leagues with a 131 percent gain in its share price. The mineral sands miner announced a merger with US-based Energy Fuels to create a global critical minerals business.

Tim Carstens, CEO of Base Resources, said the deal was the culmination of 12 months of discussions and the group will focus on developing the world-class Toliara project in Madagascar.

Solid-state battery technology group Ilika had what is technically known as a blind week in terms of news.

A trading update earlier in the week noted that cash and cash equivalents for the year are higher than expected due to cost-cutting activity resulting from its 10-year deal with US firm Cirtec. Then on Friday, Ilika told investors that he had partnered with Agratas, Tata’s battery business, for a solid-state battery project.

Ilika shares As a result, it added about 7 percent throughout the week.

Ferrexpo plc shares added 8.5 percent as production at the Ukraine-based iron pellet maker reached its highest level since the Russian invasion, while exports also resumed from the country’s ports.

Technology made, the provider of data and technology services to the public sector, topped the list with a 43 percent gain in its share price. The group has been awarded a new £19.5 million contract with the Department of Levelling, Housing and Communities, continuing a strong five-year partnership with the government body.

Video Streaming Solutions Provider aferian plc was among the biggest weekly declines in the junior market, with shares falling 40 percent to a record low.

In a trading update, African said revenue and profits will be at the lower end of previous guidance. A “further deterioration” of trading at he Amino division has forced further restructuring of the business and it is seeking a refinancing deal with lenders.

Destiny Pharma said it is exploring “strategic options” to advance the development of XF-73 nasal, an innovative gel to prevent post-operative infections. Shares fell 24 percent.

Ironveld plc fell 80 per cent after signing a £125,000 working capital loan with shareholder Tracarta.

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