Micro Cap Soars +20% Following Subsidiary Agreement Announcement

Yolowire 18-Sep-2024 12:48 PM

An Indiana-based materials company is turning heads so far during Wednesday’s session after the company announced that its subsidiary, ReElement Technologies, has been approved and certified for a Military Critical Technical Data Agreement, according to a release this morning.

Shares of the parent company, %AmericanResourcesCorporation (NASDAQ:AREC) soared on the news, with traders pushing shares of this micro cap up to $0.60/share (+20.00%) at the time of writing. This move caused these shares to break above its 50-day SMA and could be an indication of things to come!

American Resources Corp is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The firm is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. The firm has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated. Its business model provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets.