Until recently, SMX (Security Matters) was traded on Nasdaq at rather low prices, which led it to carry out several reverse share splits, but something has changed in the past few weeks. On November 25, its share price was under $6. Eight sessions later, it was traded at almost $332, 56 times higher: last Friday, the share price jumped by 135% on high volumes to $331.98, although it fell back yesterday by 59.09% to $135.82, giving the company headed by Haggai Alon a market cap of $143 million.
SMX has developed technology for marking products and goods so that they can be tracked in the supply chain and their provenance can be assured. The company came to the notice of investors recently following a series of announcements. The first was at a conference in Dubai , when it announced its ability to identify gold and silver by means of chemical markers, which it says has been recognized by Dubai’s commodity market.
There followed further announcements, one of them stating that the company was not rebranding itself or embarking on a new campaign, but was simply continuing to build the same core technology. “What is happening now is the recalibration that follows when stakeholders finally see the full footprint of a foundational technology. SMX built the identity layer. The market is now discovering what that means,” the company said. According to the company, over the years investors had difficulty in placing SMX in any specific category, because it was always a platform company operating in diverse industries.
SMX was floated in 2018 on the Australian Securities Exchange. Three years ago, it announced its merger into a SPAC in the US at a valuation of $200 million. The company began to operate commercially only a few years ago, after carrying out various pilot projects. Its financials reveal, however, that it still does not generate revenue and at the end of the second quarter this year its cumulative losses amounted to $106 million. Its operating loss in the first half year was $23.8 million, and its net loss attributable to shareholders was $23.6 million.
At the time of the SPAC merger in 2022, several kibbutzim were shareholders in the company (among them Ketura, Degania A, Kfar Glikson, Magen, and Yizre’el), but they are no longer parties at interest. In Israel, SMX is based at Kibbutz Naan. Last May, according to filings, there were only two parties at interest: CEO Haggai Alon and chairperson Ophir Sternberg, both with 6.35% holdings.
Published by Globes, Israel business news – en.globes.co.il – on December 9, 2025.
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