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These small cap ASX shares are racing higher on Wednesday

The Australian share market looks set for a day in the red as investors nervously await the results of the midterm elections in the United States.

Three small cap shares that haven’t let that hold them back are listed below. Here’s why they have raced higher:

The Australian Mines Limited (ASX: AUZ) share price has bounced back from yesterday’s heavy decline with a 12% gain to 5.5 cents. This morning the mineral exploration company provided an update on the progress of its research and development project with Metalysis. According to the release, Australian Mines’ high purity scandium oxide has been qualified by Metalysis as a feedstock for next-generation scandium alloy. Management believes this high value aluminium-scandium alloy continues to pose excellent launch product potential for Metalysis’ Generation 4 industrial plant.

The Nuheara Ltd (ASX: NUH) share price has risen 3.5% to 6.4 cents after the personal hearing device company announced that its IQbuds and IQbuds BOOST products have secured the necessary certifications to be sold in Korea. These certifications include KC Certification for battery compliance and the certificate of broadcasting and communications equipment. As a result of this, Nuheara has appointed Sam Audio as its initial non-exclusive distributor to the territory.

The Retail Food Group Limited (ASX: RFG) share price has rocketed 15% higher to 42 cents. This morning the embattled food and beverage company announced that Peter George has assumed the role of executive chairman with immediate effect. Mr George was previously a non-executive director of the company and was recruited as a turnaround specialist. He has had a successful 30-year career as a senior executive and non-executive director, including extensive professional experience of corporate turnarounds and capital markets. Time will tell if Retail Food Group can successfully turn its fortunes around, but I’m reasonably doubtful.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.