Engage XR Holdings PLC just had to name-drop Meta Platforms Inc with news of a partnership tied to its cutting-edge education technology to reap the rewards this week.
Shares skyrocketed an eye-watering 157%, driven by Wednesday’s unveiling of its artificial intelligence-powered and virtual reality-encompassing package.
Aimed at those aged up to 18, Engage flagged scope for students to take a virtual trip on Apollo 11, dive to the Titanic wreckage or chat to 22 AI-powered historical characters.
Engage said the offering came in the midst of a “huge expansion” in technology adoption across the education sector, set to accelerate further with the release of Meta’s US$299 Quest 3S headset, before prices for such equipment fell further in future.
Following the release, Meta was set to roll out its own education management service later in the year in partnership with Engage and peer OptimaED.
“Software pricing [...] is a key consideration for educators exploring the immersive learning space,” Engage chief executive David Whelan commented.
“We are excited about collaborating with Meta and OptimaED, and looking ahead, we anticipate significant growth opportunities in the global education sector as the price of headsets continues to fall.”
Engage’s jump placed it top of the AIM risers and as a bright spot in a week that saw the wider market barely budge.
Muted week in London
Come Friday, the AIM all-share was up just 0.03%, marking yet another week of underperformance against its larger FTSE 100 counterpart.
London’s blue chips, having tested new record highs repeatedly as investors juggled headlines coming from re-elected US president Donald Trump, were up 0.37% by Friday.
Mid-caps faced a mixed showing in the meantime, with the FTSE 350 also gaining 0.37% but the FTSE 250 just off the mark as the weekend approached.
That said, the junior market’s largest constituents matched blue chips, pushing the AIM 100 up 0.36% for the week.
Busy week for funding on AIM
It was a busy week for funding on AIM, where raising capital has been no easy feat in recent years.
Helix Exploration PLC on Thursday said £5 million had been raised through a placing as the company also upgraded estimates for its helium project in Montana.
Thursday also saw Quantum Blockchain Technologies PLC firm up a £2 million fundraise, which it said would spur investment in its AI-assisted bitcoin mining technology.
Quadrise PLC followed on Friday with news the energy technology firm had secured £4.5 million in an upsized and oversubscribed placing, as Premier African Minerals Ltd also said it had raised funds.
Other movers
Wider pressure on the junior market did not let up though, as Proton Motor Power Systems PLC became the latest to join hordes of firms eyeing the exit door.
Fuel cell developer Proton on Monday confirmed it would delist from AIM under plans to slash costs, sending shares down 51% for the week and placing it as the market’s biggest faller.
Doom and gloom around impending employer national insurance contribution hikes hit The Revel Collective PLC, formerly Revolution Bars, in the meantime.
Shares tumbled 21% on Wednesday’s update that Budget measures would hit profit by £4 million annually going forward.
Positive sentiment was by no means in short supply, however, with Genincode PLC racking up a 65% gain on news of inclusion in US clinical lab fee structures.
Its CARDIO inCode test for heart disease would be eligible for Medicare and Medicaid reimbursement as a result, the company said.
Empyrean Energy PLC followed with a 40% jump, after confirming the acquisition of an option related to an Apnea Holdings oil exploration project, due to begin in March.
Among others, Mindflair PLC climbed 52%, having highlighted an investment by portfolio firm Sure Valley Ventures UK Software Technology Fund in AI specialist Vizgard’s funding round.
A later update also pointed to support for Sure under the government’s AI Opportunities Action Plan and efforts to ramp up development of the technology in the UK.
Ashtead Technology Holdings PLC jumped 17%, meanwhile, after signalling profit would exceed forecasts this year, even before sweeping measures to buoy the oil and gas industry came into force across the Atlantic under Donald Trump.