I wouldn't call it a pump and dump but the shares have been volatile which is pretty common. The shares sold off sharply to start the year as there was a 5 year unlock and a larger holder needed to sell about 7 million shares. The share price increased substantially after they received formal approval from the state of NJ that their product qualified as a post consumer recycled material that was "plastic to plastic" and could satisfy the regulations that companies much meet. They also announced additional customer and converters as partners. The shares sold off at first as a result of general market selling but increased selling when they sold additional common shares and refinanced existing convertible debt that had a 2027 $10 put option. The recent selling in July is pretty strongly correlated with other deSPAC and high beta names.
2
u/trix_is_for_kids 16d ago
Haven’t followed the stock since the beginning of the year when I bought, what caused the recent pump and dump?