Australia's I Synergy rises on MoU to develop AI infrastructure in Malaysia

Shares of Australia's I Synergy Group IS3.AX up 50% at A$0.018

Earlier in the session, stock hit its highest level since August 8, 2022

The software developer signs memorandum of understanding with with Malaysian technology solutions provider Treasure Global TGL.O

Under MoU, parties to work together for developing AI cloud infrastructure in Malaysia

Aggregate value of transaction estimated at about A$600,000 ($396,720)

Around 30.4 million shares change hands, 16x the 30-day average volume of about 1.9 million

YTD, stock rises to over 7x its value, including the session's gains

($1 = 1.5124 Australian dollars)