Key points:
- The SYME share price surged 11.1% after issuing a progress update.
- The company is about to close its first inventory monetisation contract.
- SYME’s shares are trading at a crucial resistance level.
The Supply@Me Capital PLC (LON: SYME) share price surged 11.1% after the company released an update on its first inventory monetisation transaction facilitated by the VeChain Foundation.
The company told investors that it had been working with VeChain on integrating the two firm’s platforms to enable the completion of the first inventory monetisation transaction, which is now almost completed.
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Investors cheered the news that the two organisations were about to formally complete their first-ever IM transaction, which would provide funding to a global manufacturer, with the formal closing set for next week.
Supply@Me Capital has been making significant progress recently, as evidenced by the signing of the agreement with VeChain on 28 June 2022, followed by the issuance of the third tranche of shares to Venus Capital and the recent open offer to raise £320,855.
The completion of SYME’s first inventory monetisation transaction marks a significant milestone for SYME, given that its detractors have been questioning its business model and viability in the markets. This first transaction proves that SYME can attract clients and execute IM deals.
SYME shares have risen almost 20% in the past month and have formed a bottoming pattern on the daily chart shown below. The shares are now trading below a crucial long-term resistance level, and a break above it could lead to bigger gains for investors.
The deal with VeChain is based on an NFT platform where the inventory monetisation contracts signed with each firm will be stored in a newly minted and dedicated NFT by VeChain. In addition, the contract will see Supply@Me provide inventory monetisation funding of up to $10 million.
SYME will provide further updates on the progress of the inaugural IM deal in due course.
*This is not investment advice. Always do your due diligence before making investment decisions.
SYME share price.
The Supply@Me Capital share price surged 11.1% to trade at 0.10p, rising from Thursday’s closing price of 0.09p.