Shares of Australia’s Ecofibre (ASX:EOF) rose as much as 105.9% to A$0.350, posting their biggest intraday percentage jump.

The industrial hemp company’s specialty manufacturing division, Hemp Black, has agreed on a memorandum of understanding (MOU) with apparel maker Under Armour Inc.

Under the MOU, the unit will supply Under Armour a specialty yarn for apparel use.

Ecofibre shares hit their highest level since November 23, 2022.

The stock is down 26.1% year-to-date, as of the last close.