ASX tech share Revasum Inc (ASX: RVS) is soaring with its share price up 39.39% despite no news from the company today.
Revasum is an ASX nano-cap share with a market capitalisation of just $17.5 million.
The company designs, manufactures, and markets semiconductor processing equipment used in the creation of wafers, which are inserted into microchips, sensors, LEDs, mobile phones, and cars.
So, why is this ASX tech share shooting the lights out today?
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Great day for ASX tech shares
Revasum may be riding a broader momentum wave for ASX tech shares today, although that doesn't explain the scale of its share price increase.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) is the second-best performer of the 11 market sectors today.
It's up 2.44% at the time of writing, with many ASX tech shares enjoying surges today.
Revasum is the top-performing ASX tech share, followed by fellow nano cap Digitalx Ltd (ASX: DCC) shares, up by 20%.
Some other big ASX tech share movers today include Brainchip Holdings Ltd (ASX: BRN) shares, up 11.5%, and Sezzle Inc (ASX: SZL) shares, up 9%.
What's the latest news from Revasum?
The last time we heard price-sensitive news from Revasum was last Wednesday when the company announced a financing facility deal.
Revesum told the market it has entered into a non-binding term sheet with SQN Venture Partners LLC and Firsthand Capital Management.
Firsthand has backed the company since its incorporation. It will invest up to an additional US$2 million to help Revesum cure a recent default in its financing agreement with SQN.
Revesum has a growth capital facility with SQN. On 2 September, the company announced it had defaulted by failing to meet certain covenants, such as a requirement to maintain at least six months of liquidity.
The money invested by Firsthand will help cure the breach, with discussions ongoing to finalise the terms. The parties have not yet decided whether the $2 million will be taken as debt, equity, or a mix of both.
Revesum share price snapshot
This ASX tech share is down 73% over the past 12 months.
But it's enjoying a better time in 2023, up 77% in the year to date.
Revesum has only been trading on the ASX for four years. It began trading in December 2018 at $2 per share with a market capitalisation of $153 million.
