In a fumble of the facts, a popular Australian business masthead has been called out by one of the ASX’s hottest stocks over the past 12 months for factual errors in a piece yesterday titled “Archer Materials didn’t disclose Australian patent body’s objections”.
The article made some market altering statements, publishing that Archer’s (ASX: AXE) 12CQ chip related patent application in Australia was “knocked back”, as well as noting some smaller inaccuracies around Director activity.
Swiftly addressing the article in a market announcement this morning, Archer responded to the statements, clearing up the article’s misinformation.
Archer clarified that their 12CQ chip related patent application in Australia was not “knocked back” as the article claims, but rather that it is still very much active. The patent application remains filed with IP Australia with the organisation requesting additional information to clarify some minor details. Archer has until 11 February 2022 to provide these details and clarifications for IP Australia. Archer’s curt announcement also supplied links to the IP Australia website and relevant processes.
Furthermore, the media article contained inaccuracies around the resignation of one of AXE’s founding directors, Dr. Alice McLeary, claiming that on July 29th, McLeary announced her intention to resign by Archer’s August 30 AGM. Except, August 30 is the date of Archer’s extraordinary general meeting where the Company will seek shareholder approval to sell the Company’s mineral exploration business, with the AGM to be held at a date after the EGM. In the ASX announcement referenced by the masthead, Archer wrote that Dr. McLeary would be retiring as a director at the 2021 Annual General Meeting, rather than resigning.
Last of the inaccuracies, Archer quashed a misleading statement made exclusively addressing their 12CQ chip patent application process in the US. The article wrote that Archer “told investors its patent application in the US had progressed a stage further to the national phase of the patent granting procedure.” There is however a substantial difference between Archer’s 12CQ chip (Q for Quantum btw…) and their other chips. In this instance, the patent in question app was actually for their biochip… writing about sour cream and chives would have been closer.
Investors have been impressed by Archer’s efforts to “comprehensively smash that hatchet job” as one investor wrote, “certainly only increases this shareholder’s loyalty”. With overwhelming praise for the Company “dropping the mic on the useless reporter” on investor forums, the advanced materials company has developed a legion of supporters.
Since the start of the pandemic, Archer Materials has been one of the hottest stocks on the ASX, lifting its share price from $0.15 at the start of 2020 to have last closed at $2.04 yesterday – a 1260% rise in less than two years. With that success brought upon from the development of their quantum technology, there are of course plenty of naysayers that are kicking themselves for not getting in earlier.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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