Shares of QuantumScape (QS +2.57%) jumped as much as 14% today with the stock holding onto a gain of 10.6% as of 3:35 p.m. ET. New Securities and Exchange Commission (SEC) filings might be what prompted the surge higher.
Last week, the solid-state battery technology company named a new chief operating officer (COO). Luca Fasoli is experienced in advanced memory and storage technologies from his time spent at technology companies Western Digital and Sandisk. Today's move might be due to the SEC filing that shows Fasoli acquired more than 1.3 million QuantumScape shares in a transaction dated May 13.
Investors might have jumped the gun, though, if that's why they also jumped into QuantumScape stock today.
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QuantumScape technology is still on track
That's because the new COO's shares were part of his compensation for the job in the form of restricted stock units (RSUs). The shares include a signing bonus as well as a new-hire grant. The SEC filing is still meaningful for investors. Only 25% of those shares have vested as of today. The balance will vest in small increments over the future quarterly periods as long as Fasoli remains employed with QuantumScape.
QuantumScape is getting closer to the goal of commercializing its technology, though. In its first-quarter report released late last month, the company said it is ahead of schedule to bring its next planned phase into baseline production. That "Cobra" phase is its new solid-state battery production process for manufacturing solid-state battery cells.
NASDAQ: QS
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It has also placed orders for equipment it plans to install this year for higher-volume cell assembly. QuantumScape said it was on track to produce cells with its solid separators this year with the goal of launching field testing next year.
Today's move may not make sense solely based on the SEC filing as some investors may have misconstrued it as a company insider making a large purchase. But at least the company remains on track for potential commercialization of its electric vehicle battery technology.
