Why InvoCare, Pentanet, Sayona Mining, and Weebit Nano shares are storming higher

These ASX shares are having a strong session on Tuesday.

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The S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start and is edging higher. In afternoon trade, the benchmark index is up 0.1% to 7,334.6 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:

InvoCare Limited (ASX: IVC)

The InvoCare share price is up 35% to $12.11. Investors have been scrambling to buy this funerals company's shares after it received a takeover approach. InvoCare has received an unsolicited, preliminary, non-binding indicative offer from TPG to acquire 100% of its issued shares for $12.65 cash per share. This will be adjusted for any additional dividends or capital returns made prior to completion of the proposed transaction.

Pentanet Ltd (ASX: 5GG)

The Pentanet share price is up 48% to 24.5 cents. This morning, this cloud gaming provider announced a deal with telco giant Optus Mobile. The initial 12-month agreement will see Pentanet deliver the NVIDIA GeForce NOW cloud gaming service to Optus customers. Management believes this agreement marks a significant milestone towards its goal of commercialising GeForce NOW with the introduction of Pentanet's first large-scale wholesale partner.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 4% to 24.5 cents. This follows news that the lithium developer has entered into a subscription agreement with PearTree Securities. The agreement sees the issue of 174,459,177 flow-through shares at a price of 31.5 cents per share for aggregate gross proceeds of $54.9 million. This represents a 34% premium to the Sayona Mining share price at Friday's close.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is up 5% to $7.43. This morning, this memory technologies company announced the availability of its resistive RAM (ReRAM) IP in SkyWater Technology's 130nm CMOS process. This essentially means that SkyWater customers can now easily integrate Weebit's non-volatile memory in their system-on-chip designs.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pentanet. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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