One of the stocks to have emerged as a major gainer over the past week is that of Basanite Industries LLC (OTCMKTS:BASA) and the strong rally in the stock continued yesterday.
Following a key announcement from the company, the Basanite stock surged by 17% and took its gains for the past week to as much as 80%. Yesterday the company announced that it concluded the qualification of its latest proprietary product named BasaMax Pultrusion Manufacturing System. It is a major new development for the company considering the fact that the system occupies the same amount of factory space as other pultrusion systems and offers twice the manufacturing capabilities.
In addition to that, the BasaMax system is also a lot faster than many of the other products of a similar nature. Last but not the least; investors also need to keep in mind that the product is optimised uniquely so that products could be manufactured with the use of Basalt fiber.
Basanite has been successful in completing the production trials for the system and following these trials, the product is now ready for production. Considering this major breakthrough, it is going to be interesting to see if investors continue to be interested in the Basanite stock.
Market Reaction:
On Wednesday, BASA stock jumped 17% to $0.4389 with more than 5.17 million shares, compared to its average volume of 344k shares. The stock has moved within a range of $0.3799 – 0.6679 after opening the trade at $0.38. Over the past 52-week, the stock has been trading within a range of $0.1510 – 1.1200.
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