Wytec International Inc. (OTC:WYTC) Stock Rockets 28%: What’s the Buzz?

As another trading week begins, investors will be looking into stocks that may have clocked notable gains last Friday. One such stock was that of Wytec International Inc. (OTC:WYTC), which delivered gains of 28% last Friday.

Wytec Announces Its Uplisting Preparation to the Nasdaq Capital Markets in Conjunction With Completing Its AI Gunshot Detection Technology

Wytec International announced at the time that it was planning to uplist to the NASDAQ Capital Markets in order to speed up the progress of its Pilot Smart Sensor. The pilot project would help in demonstrating the detection of active threats like gunshots in the ISDs (Independent School Districts) and cities in the United States. The AI-powered sensor technology from Wytec International is patented and recorded more than 90% accuracy in gunshot detection across more than 400000 simulated environments and live samples.

The Uplisting

The uplisting to NASDAQ would also be inclusive of the company’s broadening partnership with Lemko Corporation under the provisions of a Master Services Agreement. The agreement utilized the respective products and intellectual properties of the two companies in order to commercialize and make the company’s Smart Sensor products available worldwide.

The company stated that it planned to submit the filings for its uplisting at some point in November 2024. The uplisting would provide the company with access to the global markets and also its shelf registration contract worth $100 million with Global Emerging Markets, a private alternative investment entity.

Key Quote

“We are honored and extremely excited to be partnering with Wytec to deliver such an important capability for our schools and communities,” explained Brian Ponte, Vice President, Sales and Marketing for Lemko. “Our combined efforts will deliver a solution that significantly improves safety and protects our children throughout the United States and abroad.”