Home Sports Shares of EMvision are up 11% on payday of $ 5 million

Shares of EMvision are up 11% on payday of $ 5 million

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The EMvision Medical Devices Ltd (ASX: EMV) The stock price jumped today after news that the Australian government would give ASX a multimillion-dollar production grant.

Shares of the Australian medical device company ended the session at $ 1.82, up 5.2%. Earlier, the price of EMvision shares reached an intraday high of $ 1.92 – an increase of 10.98%.

For comparison, Index of all ordinary (ASX: XAO) today also rose to 7426 points – by 1.03%.

EMvision receives a Modern Manufacturing Initiative grant

ASX investors bought EMvision shares today on news that the company had successfully applied for a grant.

According to entering the marketThe Department of Industry, Science, Energy and Resources has awarded EMvision a Modern Manufacturing Initiative (MMI) grant.

Under the MMI Manufacturing Translation Stream program, EMvision will receive $ 5 million in non-dilution funding.

This program provides businesses with the means to support projects, adopt new technologies, and improve production processes. EMvision stated that the grant is an appropriate funding program and is still subject to approval of documentation and terms.

EMvision does not provide any details on how the company will use the funds. Management said it would report details in due course.

The company is developing a portable brain scanner to diagnose and monitor strokes in patients.

The department will contact EMvision to discuss next steps.

Summary of the price of EMvision shares

Although the share price of EMvision accelerated today, it was on a downward trend. Shares have lost 37% over the past 12 months and have fallen 31% since the beginning of the year.

Based on EMvision’s assessment has a market capitalization about $ 133.95 million.

https://www.fool.com.au/2022/05/18/emvision-share-price-rockets-11-on-5-million-pay-day/

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