Shares in Security Matters (SMX), an Ireland-based track-and-trace and authentication tech firm, soared by over 194% on Wednesday and climbed another 49% in after-hours trading on the back of an update about its shares and technology.
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SMX to Issue More Shares and Stock Options
On Tuesday, SMX announced an amendment to its 2022 Incentive Equity Plan. The modification enables the company to significantly expand the pool of its shares.
The move also means that SMX can issue large numbers of its shares and stock options to its executives, directors, and consultants without first needing the approval of its shareholders.
SMX Presents Technology at Dubai Conference
Meanwhile, SMX appears to have drawn attention after presenting its Physical-to-Digital Link technology at the Dubai Multi Commodities Centre (DMCC) Precious Metals Conference, held on November 24 and November 25.
The technology works by placing unique molecular markers in precious metals such as gold and silver. These markers are registered digitally on the blockchain, thereby making them traceable.
This technology addresses some of the key problems facing the global precious metals market, especially the lack of transparency and the risks of fraud.
SMX has positioned itself as a provider of technology support for the transition to a low-carbon economy. It believes this is achievable through its products that can be used to enforce responsible sourcing and recycling standards in the precious metals market.
SMX serves brand owners, manufacturers, and suppliers in the global precious metals market, which is estimated to be worth about $303 billion by the end of this year, according to Precedence Research.
The latest rise in SMX shares comes as the company, whose market capitalization stood at $18.28 million as of November 27th, has seen its stock tumble by 99.96% since the start of the year.
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