(24/7 MARKET NEWS) – PureCycle Technologies, Inc. (NASDAQ: PCT) provided, after yesterday’s market close, a corporate update and financial results for the fourth quarter ending December 31, 2022.
Update Highlights;
-PureCycle’s flagship purification facility in Ironton, Ohio, (“Ironton”) is nearly mechanically complete with the final systems expected to be complete in April.
-PureCycle executed a mutually agreeable limited waiver with the Ironton Bondholders to extend completion milestones with transfer of funds to specific accounts for project closure and operations.
-Secured a line of credit representing $150 million of borrowing capacity to be available for general working capital purposes.
-Selected its first European polypropylene (“PP”) recycling facility location at the Port of Antwerp-Bruges in Belgium.
PureCycle is trading at $5.60, up $0.83 (+17.40%), on 70 thousand premarket shares traded.
Its 52-week trading range is $4.44 to $10.95. It’s trading volume needs to pick up to make a big move, but it has an easy path to $6.
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