Why the Archtis (ASX:AR9) share price opened 17% higher today

Archtis Ltd (ASX: AR9) shares were on the move today following the company’s release of its financial results for the half year ending 31 December (H1 FY21). On market open, the Archtis share price surged 16.67% to an intraday high of 35 cents. However, at the time of writing, Archtis shares have retreated back to 30 cents, flat for the day so far.

Today is also the first day of trading for Archtis shares since the company requested a trading halt on 22 January. This was pending the release of the outcome of its proposed application to the Supreme Court of Western Australia. The application was related to Archtis’ “inadvertent failure to lodge cleansing notices … in relation to various issues of shares during the period…