ADOMANI, Inc. (ADOM) Stock Consolidates After The Rally: Now What?
ADOMANI, Inc. (OTCQB:ADOM), which involved in providing its customers with custom built zero emission electric vehicles, was in the news yesterday after it made a key announcement. The company announced yesterday that it has received the approval to be part of the New Jersey Zero Emissions Incentive Program or NJ ZIP.
It is a significant development for the company considering the fact that the entire product line belong to Environtech is going to be eligible for participating in this program. In this regard, it is also necessary to note that the Environtech stock has also moved strongly over the past week and has clocked gains of as much as 10% during that period.
The program is a pilot program with a budget of $15 million and is involved in supporting businesses as well as institutions which purchase zero emission vehicles in the area.
The program offers buyers up to $100000 if they choose to purchase battery powered electric vehicles. The program will offer vouchers that could range between $25000 to $100000 for electric vehicle buyers who are looking to transform their fleets and go for electric vehicles. Environtech being part of this program is a big boost to the company.
Market Reaction:
On Monday, ADOM stock jumped 1% to $0.2756 with more than 637K shares, compared to its average volume of 896k shares. The stock has moved within a range of $0.2655 – 0.2850 after opening the trade at $0.2750 Over the past 52-week, the stock has been trading within a range of $0.1330 – 0.9700.
