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Stakk (ASX:SKK) has issued a request for voluntary suspension to the ASX as it prepares the completion of an agreement, described as “material,” with a new customer.
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HotCopper user reactions were mixed on Tuesday, though one common sentiment in the relevant thread posited it’s a good thing Stakk suspended from trades on Tuesday, given the XTX Tech Index is down close to -5% today.
They’ve probably got a point; NVIDIA earnings later this week in the U.S. are being largely viewed as the next directional stepping stone for AI sector sentiment.
Coincidentally, or maybe not, Stakk intends to resume trading on November 20, which would be around when those results start being read in the morning Australia time (assuming NVIDIA sticks to its schedule).
If that is the general idea, Stakk had better be confident that the multi-trillion microchip giant will continue to give the global markets what it wants (earnings beats, vague claims of an AI future that for over two years now hasn’t manifested in anything but low-level automation of low-level jobs).
Earlier this year, Stakk landed itself on the radar when the finance startup and banking enterprise software nanocap (with nearly 2.5 billion shares on issue) inked a deal with Robinhood, the ‘meme stock’ trading app of fading fame, given Robinhood wants to kick off its own banking division. Despite that causing a lot of buzz, there was never any real value attributed to the deal.
Another deal with T-Mobile, a large U.S. telco, also prompted growing interest but likewise didn’t say much (per Stakk’s disclosure) about dollars to be made. Apparently, Thursday’s upcoming deal will.
SKK last traded at 4.3cps.
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