Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Altium Limited (ASX: ALU)

The Altium share price is up 3.5% to $35.04. This is despite there being no news out of the printed circuit board design software provider. However, it is worth noting that a number of tech shares are avoiding the market selloff and pushing higher. This has led to the S&P/ASX All Technology Index rising 0.45% today.

Greenwing Resources Ltd (ASX: GW1)

The Greenwing share price is up a massive 51% to 37 cents. This morning this lithium explorer announced an investment by electric vehicle company Nio. The automaker is paying $12 million to Greenwing to subscribe for 21,818,182 shares at an issue price of 55 cents per share. Nio has also agreed to a call option agreement that could see it gain up to 40% of the San Jorge Lithium Project.

Superloop Ltd (ASX: SLC)

The Superloop share price is up 11% to 64.5 cents. Investors have been buying this telco's shares after it announced the acquisition of VostroNet for $35 million in cash and shares. VostroNet is a leading infrastructure owner and internet provider delivering high speed FTTP and intelligent WiFi networks for multi-dwelling and broadacre developments serviced with VostroNet fiber networks.

Universal Store Holdings Ltd (ASX: UNI)

The Universal Store share price is up 3% to $4.80. This has also been driven by an acquisition announcement. Universal Store has signed an agreement to acquire casual youth fashion retailer Thrills for $50 million. The consideration will comprise $17.5 million in cash, $17.5 million in shares, and a notional amount of $15 million in deferred variable consideration. Management expects the deal to be highly earnings per share accretive.

The post Why Altium, Greenwing, Superloop, and Universal Store shares are racing higher appeared first on The Motley Fool Australia.

In morning trade, the lithium explorer's shares were up as much as 88% to 46 cents.

The Greenwing Resources share price has since eased back but remains up 49% to 36.5 cents.

Why is the Greenwing Resources share price rocketing higher?

Investors have been bidding the Greenwing Resources share price higher today after the company announced a deal with electric vehicle company Nio.

According to the release, Nio has agreed to pay $12 million to Greenwing to subscribe for 21,818,182 shares at an issue price of 55 cents per share. This will give Nio a shareholding in the company of approximately 12.16%.

Management advised that the deal will help accelerate its exploration program at San Jorge Lithium Project.

What else?

In addition, the automaker has a call option to acquire between 20% to 40% of the issued capital of the Andes Litio business, which holds rights over the San Jorge Lithium Project in Argentina.

The call option is exercisable within 365 days after a JORC report for the San Jorge Lithium Project has been issued or obtained. And depending on the outcome of the report, the Nio call option will have an exercise price of between US$40 million and US$80 million.

Furthermore, once the call option has been exercised, Nio will have direct rights to offtake production in the San Jorge Lithium Project. And subject to shareholder approval, it will also have the right to match any offer to purchase the remaining offtake share.

Management advised that it has agreed to ensure that a JORC report on the San Jorge Lithium Project is issued by 31 December 2023.

The post Guess which ASX lithium share is exploding 88% higher on a deal with EV maker Nio appeared first on The Motley Fool Australia.