PureCycle Technologies Inc PCT shares are trading higher by 45.28% to $6.93 Thursday afternoon after the company provided a fourth-quarter 2022 update.
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What Happened: In the Wednesday update, the company says:
- PureCycle’s flagship purification facility in Ironton, Ohio, is nearly mechanically complete with the final systems expected to be complete in April.
- PureCycle executed a mutually agreeable limited waiver with the Ironton Bondholders to extend completion milestones with transfer of funds to specific accounts for project closure and operations.
- Secured a line of credit representing $150 million of borrowing capacity to be available for general working capital purposes.
- Selected its first European polypropylene recycling facility location at the Port of Antwerp-Bruges in Belgium.
What Else: The company also says as of December 31, 2022, it has a liquidity of $326.1 million including $162.5 million of sash, sash equivalents and debt securities available for sale and $163.6 million in restricted cash.
According to data from Benzinga Pro, PCT has a 52-week high of $10.95 and a 52-week low of $4.44.