New Jersey Boost Leads to 30% Surge in 'Eco-Friendly Waste Stocks'... $140 Billion Vanished in a Day

PureCycle Technologies, Inc. (NASDAQ: PCT) closed at $12.17 on the 19th, down 5.14%. Approximately 3.33 million shares changed hands that day, and the company’s market capitalization declined by about $100 million (roughly KRW 145 billion), bringing its current market cap to around $2.2 billion (approximately KRW 3 trillion).

Earlier in May, after reporting first-quarter results of $4.13 million in revenue and a net loss of about $33.4 million, PureCycle’s shares briefly jumped more than 30% when the New Jersey Department of Environmental Protection granted its recycled resin “PureFive” a one-year conditional approval as a “recycled material” under the state’s post-consumer recycled content law. (marketbeat.com)

Founded in 2015, PureCycle Technologies is a U.S. plastics-recycling company that licenses Procter & Gamble’s solvent-based recycling technology. The company removes color, odor and contaminants from waste polypropylene to produce its ultra-pure recycled resin, PureFive. Headquartered at its commercial plant in Ironton, Ohio, PureCycle is advancing plans to build additional facilities in Belgium and Thailand, viewing tighter regulations and expanded recycling mandates among major global consumer-goods companies as key growth drivers. (stockanalysis.com)