While this has been a tough opening for the Nasdaq and popular stocks like TSLA so far today, shares of Basanite, Inc. (OTCMKTS: BASA) are a bright spot soaring over 35% in trading this morning to be one of the top gaining stocks on the US over the counter exchange. The stock is up substantially going into noon on over 2.6 million shares of trading volume. Unlike most stocks that have very tiny market caps on the US OTC exchange shares of BASA have a market cap of over $134 million dollars. Take a look at the chart.
Basanite Inc is headquartered in Pompano Beach, Florida where it operates a 35,00 square foot facility where it creates and then sells BasaFlex™, a construction material engineered to add intrinsic value in a concrete structure, and as a sustainable, non-corrosive alternative to conventional steel reinforcement.
In July the company announced that it was awarded a $50 million supplier agreement. According to its press release it “entered into an Exclusive Supplier Agreement with MEP® Consulting Engineers, Inc., to be the exclusive provider of Basalt Fiber Reinforced Polymer (“BFRP”) Reinforcing Bar (Composite Rebar) and other BFRP products to the Florida-based construction engineering and design community.” This type of news attracted traders into the stock and today on Twitter there is real attention being paid to its thanks to its price action.
$BASA / Basanite files form 8-K – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers, Financial Statements and Exhibits, Other Events – CURRENT REPORT https://t.co/SWNVL9rt42— Fintel.io (@fintel_io) September 8, 2020
I have no position in BASA stock and neither does Mike Swanson who is the head editor of this website. Every morning before the open he sends out a free email going over the top stories he is following before the opening bell and trading ideas. Get it for free by clicking here to subscribe.