KUALA LUMPUR (Jan 18): Artroniq Bhd said it is investigating the factors contributing to the recent share price volatility after hitting limit-down two days in a row.

At Thursday’s close, the stock emerged as the second-top loser on Bursa Malaysia after seeing its share price tumbling by 54% or 26.5 sen to 23 sen. It recorded an intra-day low of 19.5 sen, which represented a significant decline of 60.6% or 30 sen from the previous close of 49.5 sen on Wednesday.

It was also the most active stock on Bursa Malaysia with a trading volume of 313.5 million, swelling over 15 times from its two-month average of 19.8 million shares.

Atroniq is valued at RM93.8 million at 23 sen per share. The counter saw RM259.12 million of its market capitalisation wiped out since Monday, when it was valued at RM352.92 million.

In a press statement on Thursday, Artroniq emphasised that its business operations remain unaffected and that its strategic initiatives in key sectors are advancing as planned.

“Most recently, there have been positive developments at Artroniq Bhd's subsidiary, Artroniq iTech Sdn Bhd, which involves significant engagements in the Electric Vehicle (EV) industry. Additionally, Artroniq is actively participating in notable partnerships within the blockchain technology domain.

“The collaboration with United E-Motor, marked by the successful launch of their electric motorcycles in Malaysia, is a testament to the company’s dedication to sustainable urban mobility,” it added.

On Wednesday, the company told Bursa Malaysia that it was not aware of any corporate development that would have caused unusual market activity (UMA). It also added that it was not aware of any other possible explanation to account for the spike in its trading.

“However, the company and its subsidiaries have been continuously on the lookout for opportunities to strengthen its financial position,” it said in a bourse filing.

According to the company’s bourse filings, Artroniq has been loss making since 2017, except only for 2021. For the 18-month period ended June 30, 2023 (FY2023), the company made a net loss of RM11 million, on the back of RM148 million in revenue. Most recently, Artroniq posted a net loss of RM932,000 on the back of RM16 million in revenue for 1QFY2024.