RCM Technologies (NASDAQ:RCMT) stock is skyrocketing on Thursday after announcing a deal to upgrade some of its clients’ manufacturing process.
Here’s everything investors need to know about the recent news boosting RCMT stock up today.
- RCM Technologies has signed deals that will have it preparing some of its clients to produce high-grade ethanol.
- This will allow them to create USP Grade(US Pharmacopeia) and GNS Grade (Grain Neutral Spirits).
- These are ethanol’s that are of a high enough grade to be used in the creation of sanitizers and beverages.
- The company notes that it got these orders as interest in sanitizer-grade ethanol rises due to the novel coronavirus pandemic.
- RCM Technologies says that it expects demand for sanitizer-grade ethanol to continue to increase this year.
- One of the customers getting the upgrade is Al-Corn Clean Fuels.
- RCMT is a “provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced engineering, specialty health care, and information technology services.”
- Thermal Kinetics is handling the ethanol upgrades.
- This is a division of RCM Technologies that was acquired in November 2018.
- RCMT is trading heavily on the news with some 47 million shares having changed hands.
- That’s a massive spike next to its daily average trading volume of roughly 278,000 shares.
RCMT stock was up 97% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.