Among the stocks that have rallied strongly over the course of the past week, the rally in the Vystar Corp. (OTCMKTS:VYST) has been quite notable. During the period, the Vystar stock rallied by as much as 50% on the back of certain key developments and has shown impressive momentum. Here is a look at some of the developments that may have contributed to the rally in the Vystar stock.
Vystar, which is involved in producing environment-friendly life improvement products like air purifiers and fluid energy solutions among others, has been reducing its debt in recent times. Last week, it emerged that the company has paid off as much as $2 million in debts since July 1 this year.
The debt repayment included the clearing of a range of notes as well as lines of credit last month. In addition to that, the company also managed to consolidate some of the other debts that it held in its books.
The company was apparently trying to reduce its debts since the busy shopping season is approaching. Due to a spike in coronavirus cases, it is believed that Vystar’s products like its RxAir brand of air purifiers and home furnishings from its subsidiary Rotmans’ are going to be in high demand.
Mr. Rotman of Rotman’s Furniture and Carpet revealed that the company had got $1.4 million from the government due to the provisions of the Paycheck Protection Program. That had helped Rotman’s to effectively tackle the financial difficulties posed by the coronavirus induced lockdowns.
One of the key products for the company going into the festive shopping period is Rx3000 UV Light/HEPA Air Purifier and back in August, Vystar made a major announcement about it.
The company announced that it hired the services of Strategic Link Assoc in order to take care of the supply chain, actual manufacturing, and logistics of the whole thing. The collaboration is a significant one since it is going to boost production capacity and help Vystar in meeting the demands of the market.
The air purifier in question uses ultraviolet light as well as HEPA filter in order to purify the air. It has been certified by the United States Food and Drug Administration as well and is perfect for deploying in healthcare institutions.
Considering the spike in the number of coronavirus cases in recent times, the product could generate customer interest in the coming months.