Digital audio speaker developer Audio Pixels Holdings Ltd (ASX: AKP) was one of the biggest winners on the ASX on Monday, with its share price surging over 10% higher to reach $17 at the close of trading.
The market reacted positively to an update by the company regarding progress it had made in its plans to commercialise its loudspeaker technology. AKP announced that it had received and tested a new batch of 'wafers', or computer chips, for use in its speakers, and that these parts met the exact specifications required for the company to continue with its planned development.
This announcement is good news for AKP and its investors, after the company was forced to negatively revise the expected timeframe for its commercialisation process back in December. The electrical chips it originally received were deficient and had not been fabricated correctly.
Management – and shareholders – can breathe a sigh of relief, as development is back on track.
