The Advance NanoTek Ltd (ASX: ANO) share price has been one of the most volatile on the Australian share market in recent weeks.
Over the last couple of months the advanced materials company's shares have been as high as $7.85 and as low as $3.90. From top to bottom this is a decline of just over 50%.
The good news for shareholders is that its shares returned to form on Monday with a 17% jump to $4.57.
What is Advance NanoTek?
Advance NanoTek is a developer, manufacturer, and marketer of innovative products based on a range of proprietary advanced material technologies and manufacturing processes.
The company's current commercialised products include metal oxide powders and dispersions of zinc oxide which act as the UV blocker in sunscreens and some cosmetic products.
Why has the Advance Nanotek share price been so volatile?
This afternoon the company blamed its most recent volatility, which saw the company's shares plunge 30% in the final minutes of trade on Friday, on the delay in the release of its investor presentation which was due to accompany its Appendix 4E release.
According to today's update, the company submitted the investor presentation simultaneously with the Appendix 4E, but the ASX blocked its release after raising a number of issues.
One of these issues was the front cover which was a repeat of the cover that was previously released to market in February 2019 and April 2019.
No other details have been released in regard to the other issues that the ASX has with its release, but the Advance NanoTek board advised that it is in the process of ascertaining the merits of them.
In addition to this, management took the unorthodox step of responding to comments on an internet discussion board that questioned the company's balance sheet.
It advised that: "The Board is satisfied that the Company can meet all of its future obligations and would like to refer our shareholders to the debt free status position of ANO with over $10 million in net assets."
Also rising strongly on Monday were the shares of Lendlease Group (ASX: LLC) and Smartgroup Corporation Ltd (ASX: SIQ) after better than expected full year results. Lendlease rose 11% and Smartgroup surged a whopping 21% higher.
