American Power Group (OTCMKTS:APGI) Stock Extends Rally On Private Placement

Yesterday, American Power Group Corporation (OTCMKTS:APGI) was one of the companies to have come on to the news cycle in a big way after it made a major new announcement with regards to a private placement to existing shareholders.

Trading Data

On Tuesday, APGI stock increased 20% to $0.0300 with more than 59.30K shares, compared to volume of 19.24K shares. The stock moved within a range of $0.0250 – 0.0300 after opening trade at $0.0250.

American Power Group Closes $3.45 Million Private Placement With Existing Shareholders

The company announced that it had been successful in closing the sale of around 138 million shares of its unregistered common stock, with a valuation of $3.45 million to its existing shareholders. That also included the purchase of $3.25 million worth of the common stock by entities which were connected to the chairman of the company. It was a significant new announcement from American Power Group Corporation and one that may draw the attention of many investors.

The company’s Chief Financial Officer and Chief Executive Officer Chuck Coppa spoke about the development as well. He noted that due to the current climate in the alternative energy space, it had been difficult for smaller companies to have access to the necessary capital. Hence, everyone at American Power Group Corporation was pleased at the fact that the company was able to raise fresh capital. It also indicated that it continued to enjoy the confidence and backing of many of its shareholders.