Micro-X has told ASX it is unaware of any undisclosed information explaining the sharp move in its shares, which rose from $0.030 to $0.045 during 23 September trading. The company pointed to elevated volumes, earlier institutional selling and chairman Patrick O’Brien’s purchase of 1.36 million shares.
- Micro-X denies knowledge of undisclosed price-sensitive information
- Shares moved from $0.030 to $0.045 during 23 September trading
- Chairman Patrick O’Brien bought 1,360,382 shares
- Company cites elevated volumes and prior institutional selling
- Micro-X confirms compliance with continuous disclosure rules
ASX Queries Sharp Micro-X Share Price Move
Micro-X Limited (ASX:MX1) has denied withholding any undisclosed information that could explain the sudden recovery in its share price, after ASX queried a move from $0.030 at Tuesday’s close to $0.045 on 23 September.
The company said it had no knowledge of unannounced information that, if known by some investors, could account for the recent trading. It also confirmed that it was complying with ASX Listing Rules, including the continuous disclosure obligation under Listing Rule 3.1, with the response authorised by chairman Patrick O’Brien.
Trading Volumes and Institutional Selling Cited
Micro-X pointed to significant share turnover on 17 September and generally elevated volumes across the previous 10 trading days, when the stock was trading at historically low prices. The company said the latest rise had returned the shares to levels last seen in June.
Its explanation also referred to a substantial-holder notice lodged on 3 September showing on-market sales by an institutional shareholder. Micro-X said those sales were followed by selling pressure and weakness in its share price, although it did not identify a definitive cause for the subsequent rebound.
Chairman Buys 1.36 Million Shares
O’Brien bought 1,360,382 shares across 21 and 22 September at prices between $0.022 and $0.029. Micro-X said an Appendix 3Y would be released to disclose the transactions in line with ASX requirements.
The purchase is a material shareholder signal, but the filing does not present it as evidence of a change to the company’s operating outlook. Nor does the response announce a new contract, financial result or product milestone. The next disclosure will be the formal transaction notice, while the more consequential question is whether the renewed trading activity settles or develops into another ASX query.
Bottom Line?
Micro-X has explained the share move without identifying a new business catalyst; the forthcoming director-interest notice and trading pattern will provide the next clues.
Questions in the middle?
- Will the Appendix 3Y confirm any additional details about the chairman’s buying?
- Can trading volumes remain elevated after the ASX query is resolved?
- Does the share price recovery reflect renewed interest in Micro-X’s technology, or mainly a reversal of earlier institutional selling?