Business
Why the Universal (ASX:UBI) share price reached a multi-year high today
The Universal Biosensors, Inc. (ASX: UBI) share price reached a multi-year high of 50 cents today. This comes as the company announced a new distribution agreement with Grapeworks Pty Ltd.
Its high was short lived, however, with the Universal share price pulling back to 46.5 cents, down 5.1% at the time of writing. In comparison, the All Ordinaries Index has remained positive all day, treading at 6,908 points, up 06%.
Distribution agreement
The Universal share price has backflipped from its multi-year high, despite an upbeat announcement.
In today’s release, Universal advised it has signed an exclusive distribution agreement with Grapeworks for the Australian market. The partnership will exist for 5 years, with standard renewal…
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