Tekcapital PLC (LSE:TEK) shares moved higher in Monday’s trades as its spin out MicroSalt struck a distribution deal in the United States.
The early-stage tech investment company, in a statement, said MicroSalt has inked an agreement with US Salt LLC which will allow the distribution and delivery of MicroSalt's low-sodium solutions.
"We are proud to work with US Salt in their efforts to offer low-sodium solutions to their customer base,” said MicroSalt chief executive Rick Guiney.
“US Salt is a leader in salt distribution, offering lower sodium as an active option in its ingredient listing.
“Excess sodium intake is one of the world's leading health concerns, and we believe that partnerships like this are a great way to expand our efforts to address the sodium reduction challenge.”
Bob Jordan, US Salt VP for sales and marketing, meanwhile, added: “US Salt is looking forward to working with MicroSalt to help with our low-sodium initiatives.
“Sodium is a worldwide concern in the food industry, and we believe Rick and his team are the industry leaders that can help propel our future growth."
In London, Tekcapital shares moved up 7.56% to trade at 21.78p per share, which gives the investment firm a market worth of around £32.4mln.
Tekcapital in December appointed brokers as it sought to prepare MicroSalt for a proposed IPO onto AIM during 2023.