SG Blocks, Inc. (SGBX), a company involved in the development of code-engineered cargo shipping containers, closed Thursday’s regular trading session at $1.95 after declining 4.41% during the day. In the premarket trading session, however, the stock has surged 20.51% and consequently was trading at $2.35 when last checked. The significant increase in the stock price could be attributed to a massive contract by the company.
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Largest Contract by SG ECHO
Hours ago, SGBX announced that its subsidiary SG ECHO has expanded its relationship with a private client. Consequently, the development in turn is producing the largest contract to date for the company with SG ECHO. The order comprises more than 100 units. The company expects that as a result of the contract, it would be able to generate revenue of $6 million. Furthermore, the units would be completed at the end of the second quarter of 2022.
SGBX Agreement with Sanitec
On the 28th of March, SGBX announced it had entered into an exclusive distribution agreement with Sanitec Industries LLC. Sanitec is a sustainable waste management company. The agreement would comprise 10 years. The agreement would allow SG Blocks to purchase, market, deploy and maintain the Microwave Disinfection Units of Sanitec in New York. Sanitec Microwave Disinfection Units are meant for disinfecting biomedical waste.
Approval for Real Estate Transactions
Earlier in March, SGBX reported that the Joint Development Authority of Camden County had approved its real estate transactions for land comprising about 33 acres. The company has a plan to build a 114,000 square foot manufacturing plant for providing support to the Cumberland Inlet development project. The project would generate employment opportunities for about 125 people during the first 3 years.
What’s Net for SGBX?
Looking ahead, analysts are of the view that SGBX stock holds several negative signals at the moment. Hence, it is expected to perform weakly in the next couple of weeks. Therefore investors should take careful decisions regarding investment in the stock.
