Recon Technology, Ltd (NASDAQ:RCON) stock is trading sharply higher in the opening session on Thursday and made a new high.
Market Action
As of 1:10, RCON stock gained by 8% at $12.86 after a new 52-week high of $13.11 earlier in the session. The stock has traded 567K shares, compared to its average volume of 1.15 million shares. The stock opened at $12.05 and moved in a range of $12.00 – 13.11.
Recon Enters into Agreement to Invest in Company Focused on Developing Blockchain-based Sustainable Energy Solutions
- announced that the Company has entered into a share exchange agreement (collectively, the “Agreement”) with Starry Blockchain Energy Pte. Ltd. (“Starry”) (starrylab.io)on June 3, 2021. Incorporated in Singapore, Starry seeks to leverage blockchain technology to drive sustainable energy solutions. Pursuant to the Agreement, Recon will issue unregistered, restricted Class A shares (the “Restricted Shares”) to Starry’s founding shareholders in exchange for 30% of the shares of Starry.
Mr. Shenping Yin, CEO of Recon, stated, “Blockchain technology has the potential to reshape sustainable energy, making energy utilization more efficient and environmentally friendly. Recon believes that our investment in Starry will help Recon quickly enter China’s sustainable energy market. We also plan to cooperate with Starry through our subsidiary Future Gas Station (Beijing) Technology Company Limited to provide technical and resource support for upgrading China’s numerous traditional gas stations and oil fields into integrated energy network through Starry’s blockchain technology, which can be used for distributed energy storage and trading segment in coming years to help our clients achieve their targets in carbon neutralization. .”
Mr. Zhongrui Kuang, a founder and CEO of Starry, stated, “In response to the requirements of the Paris Climate Agreement on international carbon emissions and in order to achieve the goal of carbon neutrality, governments around the world are expected to invest trillions of dollars to reduce emissions in the coming years.
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