Moolec Science (NASDAQ:MLEC) stock is falling on Monday even as the molecular farming ingredient company announced an offtake agreement with a global consumer packaged goods company.
According to a press release from Moolec Science, this agreement covers the use of its GLA Safflower Oil (GLASO) product for three years and the delivery of GLASO to the U.S.
Moolec Science notes that its GLASO product will be used in dietary supplements, functional foods, cosmetics, and pet foods. The company expects to ship 50 tons of the product in 2025.
Martín Salinas, cofounder and Chief Technology Officer of Moolec Science, said the following about the deal:
“We are thrilled to announce this significant supply agreement for our GLASO™ nutritional oil product. This milestone, coupled with our new partnership for industrial toll processing, marks a pivotal step in our mission to deliver high-quality, innovative health solutions to our customers worldwide.”
MLEC Stock Movement on Monday
Despite news of this deal, shares of MLEC stock aren’t seeing the kind of movement traders might be hoping for. Only about 1 million shares have traded as of this writing. That’s still below its daily average trading volume of about 1.6 million shares.
MLEC stock is down 17.5% as of Monday morning. The stock closed out Friday down 57.9% year-to-date.
Investors seeking out more of the most recent stock market stories will want to keep reading!
We have all of the hottest stock market news that traders need to know about on Monday! That includes what’s going on with shares of Qualigen Therapeutics (NASDAQ:QLGN) stock, Trump Media & Technology (NASDAQ:DJT) stock and DatChat (NASDAQ:DATS) stock today. All of that info is ready at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
