The 4DS Memory Ltd (ASX: 4DS) share price is rocketing on Monday. This comes after the memory storage company provided a technical update before market open.
At the time of writing, 4DS Memory shares are swapping hands for 8.6 cents, up 26.47%.
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What did 4DS Memory announce?
Investors are buying up 4DS Memory shares this morning after the company revealed the technical achievements for the first quarter of 2022.
According to the release, 4DS Memory has, along with its partner Imec, been working diligently to address a number of technical issues. This relates to the partial failure of the second platform lot, which it announced to the ASX in August 2021.
As such, both companies undertook a memory stack etch mask change and further performed etch process optimisation.
The demonstration successfully eliminated the etch residues that caused electrical shorting of the memory devices in the second platform lot.
These positive results were crucial in allowing the third platform lot utilising Imec's megabit memory platform to restart.
Subsequently, the mask change and process improvements have increased the likelihood that the third platform lot will be successfully processed.
4DS Memory noted that following the completed technical work, manufacturing of the third platform lot has now continued.
The lot is expected to reach the etch step in the next few weeks.
4DS expects to provide a further update to investors by the end of this month.
About the 4DS Memory share price
Since this time last year, 4DS Memory shares have fallen by 54%.
In 2022 alone, the company's share price is down around 7.6%, despite today's eutrophic gain.
4DS Memory presides a market capitalisation of roughly $98.61 million, with approximately 1.45 billion shares on its books.
