American Power Group Corporation’s (OTC:APGI) stock soars 64%: What’s the Buzz?
This morning investors are going to be looking into those stocks that clocked strong gains on Monday, and one of those likely to be on the radar would be the American Power Group Corporation (OTC:APGI) stock. Yesterday, the dual fuel diesel engine conversion technology leader announced that it converted the advances made by its chairman and biggest shareholder, Matt van Steenwyk.
American Power Group Closes $1.3 Million Private Placement with Its Largest Shareholder
Over the course of the previous 15 months, he had provided advances to the tune of $1.285 million to the company. The company stated that the advances had been converted into 36 million shares of the unregistered common stock of American Power Group Corporation. The conversion price had been double the closing price on the day of the closing.
The development came as a source of considerable bullish sentiment for the American Power Group Corporation stock, which soared by 41% for the day. Additionally, the conversion of the advances into shares also demonstrated the confidence that the company’s chairman and largest shareholder held in American Power Group Corporation’s potential as a business.
The company’s subsidiary unit, American Power Group Inc., offers alternative and cost-effective fuel solutions to diesel. The alternative helps in cutting down methane criteria pollutants and works towards promoting a future with much lower carbon emissions. It could be a good time to add the American Power Group Corporation stock to your watch lists.
Chairman Comment
Matt Van Steenwyk, APG’s Chairman, noted, “As a technology investor, I am always looking for a situation where a company has an extraordinarily disruptive technology that can address multiple market drivers. In APG’s case, that is significant emission reductions as well as meaningful economic savings and a low cost of entry. APG’s technology is the only cost-effective solution for existing diesel engines that can optimize use of multiple low-carbon fuels, such as RNG, renewable diesel, and biodiesel blends that provide a pathway for dramatic carbon reduction, even turning the results negative. We are very encouraged by our initial emission testing of the V7000, which has shown very promising results regarding further emission reduction percentages, especially as it relates to NOx, which would be significant in our efforts to address new CARB Near-Zero Emission Vehicle (NZEV) objectives, and look forward to furthering these efforts.”