The Spacetalk Ltd (ASX: SPA) share price had a disastrous time in 2022.
During the 12 months, the technology company's shares lost over 80% of their value.
The good news is that things are looking up for shareholders in 2023.
In fact, with the tech share up 55% to 8.2 cents this afternoon, it is now up 200% from 2.7 cents in the space of two days.
Image source: Getty Images
Why is this ASX tech share blasting off?
Investors have been fighting to get hold of Spacetalk shares this week after the company announced the appointment of its new CEO.
According to the release, Simon Crowther will take on the role from the start of next week.
Mr Crowther was previously the CEO of patent troll company Ipernica, which eventually morphed into aerial imagery technology company Nearmap under his watch. Nearmap left the ASX boards late last year after being acquired by Thoma Bravo.
Since leaving Nearmap, Crowther has served as the CEO of Airmap and the managing director of Yamaha Motor Ventures in Silicon Valley with a focus on Aerotech & Sustainability.
Why join this struggling company?
Crowther described Spacetalk as an exciting business with a lot of potential. He said:
As soon as I met with the board and learnt more about Spacetalk I saw the opportunity to build an exciting business, target valuable sectors and execute in a focused and disciplined way. Spacetalk has an opportunity to make an impact for good as we help give children, parents, guardians, people aging in place, care recipients and their carers freedom to live their lives. I am focused on building on the progress that has been made to date and realising the full potential of the business and the team.
Spacetalk's Chairman, Georg Chmiel, was pleased with the appointment. He added:
Following an extensive global search, we are pleased to announce the appointment of Simon Crowther as Spacetalk's new CEO. Simon's track record at Nearmap is outstanding and we are excited to see what he will achieve at Spacetalk. I'd also like to thank Saurabh Jain. As the interim CEO he has done a fantastic job of the first phase of the turnaround. Saurabh will continue as a director of the Company.
