The ASX All Ordinaries Index (ASX: XAO) closed 0.11% lower today, but this ASX All Ords stock defied the trend.
The Audio Pixels Holdings Ltd (ASX: AKP) share price stormed 34% higher in today's trade to $12.20 before entering a trading halt.
Let's take a look at what went on with this ASX All Ords stock on Tuesday.
What is Audio Pixels excited about?
Audio Pixels is developing revolutionary sound reproduction technology which has taken more than a decade to deliver.
On Tuesday afternoon, the market was advised Audio Pixels was entering a trading halt "pending a further announcement".
The company's AGM was held at 1.30pm on Tuesday afternoon in Sydney, following notice of the trading halt. This AGM included a demonstration of the company's second-generation chip, which had been previously announced.
ASX CEO Danny Lewin said the chip is "in advanced stages of fabrication process development" and is "designed to add very specific commercial value as understood and expressed by the market".
A copy of Lewin's prepared address for the AGM was posted to the ASX this morning. He noted the company's confidence in its technology, including its sound quality.
Lewin noted the company's objective on Tuesday was to share some of the "excitement" and "confidence" in the technology that "we envisioned, you have invested in, and impatiently waited for".
Our technology delivers many competitive advantages, such as eliminating any need to enclose the speaker in heavy, space consuming enclosures and chambers, or the need to convert from digital to analogue and amplify the signals, or the need for crossover circuitries, or the need to isolate speaker vibrations from the device electronics, to name but a few…
But our focus today is on demonstrating what undoubtedly is the most important criteria and advantage of our technology – the incomparable sound quality it offers.
Chairman Fred Bart also provided the market with a copy of notes for his address to the meeting on Tuesday morning.
He thanked shareholders for their patience in "supporting the massive undertaking to revolutionize the multibillion-dollar sound reproduction industry". He added:
Given our recent accomplishments, I am increasingly optimistic that your patience will be rewarded many times over.
The company noted its fabrication partner Earth Mountain has expanded its fabrication facilities with two extra silicon foundries.
Share price snapshot
The Audio Pixels share price has shed 33% in the past year.
This ASX All Ords stock has a market cap of about $354.35 million based on the latest share price.
