BioSolar Reaches a Material Definitive Agreement: Stock Rockets
The solar energy industry has grown at a fair clip over the past few years in light of the higher demand for an alternative source of energy. Many companies have sprung in the solar energy space, and one of those is BIOSOLAR, INC. (OTCMKTS:BSRC) . The company is involved in helping with the storing of electrical energy that is produced by photovoltaic solar modules.
Convertible Promissory Note
The company is well known for the product BioBacksheet, which is a green back sheet and meant for the photovoltaic solar panels. BioSolar has also involved in the manufacturing of polymer-based items that are meant for batteries and semiconductors.
Last week, the BioSolar stock soared after the company made a major announcement with regards to a share purchase agreement. The announcement was made by the company on Thursday, and the stock started rallying on Friday. BioSolar announced that it entered into a Securities Purchase Agreement with an investor, and to that end, the company also issued a convertible promissory note that is valued at $53,000, the aggregate principal amount.
The promissory note in question was actually funded on July 7 by BioSolar. After the announcement was made by the company, the BioSolar stock soared by as much as 39%, and this indicates that the market is looking at the signing of the Share Purchase Agreement as a major milestone for the company.
It is almost certain that investors are going to have an eye on the BioSolar stock, and it would be interesting to see whether it can further add to its gains this week. It is also necessary to point out that the promissory note in question comes with an interest rate of as much as 10% per year. However, it can be converted into equity in BioSolar 180 days after the Effective Date of the Promissory Note at the Variable Conversion Price.
While the current development has been the most important trigger for the latest rally in the BioSolar stock, it should be kept in mind that the bulls had taken charge of the stock over the course of the past week or so. Hence, it will be interesting to see if the BioSolar stock can continue to record gains in the coming days.
BioSolar is a micro-cap stock, and following the interest from a large number of new investors, it has managed to climb from its lows of $.0028 per share. Trading volumes have also shot up considerably, and that has also been one of the factors behind the strong rally in the BioSolar stock. Investors need to keep in mind that the BioSolar stock is well known for making big moves, and back in the middle of 2018, the stock price had rocketed to $0.17 per share. It could be worthwhile to keep an eye on this stock this week.
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