JanOne Inc (NASDAQ: JAN) stock price opened with gains of 13% in the early hours of Thursday trading. The rally is a response to a large set of recycling contracts awarded to ARCA Recycling – a subsidiary of Janone.
Investors were quick to the mark in pursuit of the action; resulting in a 13% price hike as the market opened. Since opening, the stock price has lost around half of its premarket gains, sitting around the $6.60 mark, still showing a 5.5% increase.Â
The support follows the contracts awarded to ARCA Recycling, whereby the entity will commence recycling programs throughout Pennsylvania through 2026. ARCA has made it clear that they aim to recycle over 30,000 refrigerators and freezers per year, as well as utilising their connections with several key Pennsylvania electric providers.
The total value of the state contracts is estimated to be around $20 million – spread over the coming five years and finalising in 2026. The JanOne subsidiary is the largest implementer of recycling programs in North America, with the latest contract further bolstering ARCA’s reputation whilst simultaneously benefitting JanOne shareholders.
The JanOne stock price has lost almost all of its premarket gains while writing, with the news spurring not a lot more than a flash rally.
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