t42 IoT Tracking Solutions PLC (AIM:TRAC) shares jumped 20% hgher after the micro-cap firm agreed with Contguard to extend the maturity of its US$1.3 million secured convertible loan to 10 December, and secured new orders.
Contguard has committed to placing purchase orders for t42 tracking units worth more than US$2.5 million, with advance payments and deliveries scheduled in 2025 and 2026. An initial order has been received, with partial delivery completed and the remainder due by the end of September.
The company said the agreement reflects growing demand from Contguard, a supply chain risk management specialist, and should also generate significant additional SaaS revenues once the units are deployed.
It expects to publish its half-year results for the six months ended 30 June 2025 by the end of August.
In London, t42 shares climbed 0.44p or 20% to 2.64p.