SG Blocks Inc (NASDAQ: SGBX) made exponential gains in yesterday’s trading session to close with gains of 351.46%. This came after the company announced that it was planning to offer and sell shares in an underwritten public offer. The company also announced that it will give its underwriters 45-days to buy additional shares. It also announced that it would use money from the proposed stock sale as working capital.
Besides announcing the stock offer, the company also announced that it had entered into a memorandum of understanding with Transcend Onsite that will see the two companies offer products and services jointly. Some of the products that the companies will execute jointly are modular primary care medical units, quarantine units, COVID-19 testing units and drive through testing units at workplaces and community hospitals.
Commenting on this MOU, Transcend CEO Mike Ochoa stated that working with SG Blocks was the best way for the company to deliver its unique healthcare solution and related technologies. He added that SG Blocks shares their passion for disruptive efficiency. He further stated that, the world was in a moment of change in the way healthcare is delivered. He then took note of new methods such as telehealth, mobile medical units, and other options. He concluded that with decentralized healthcare options that take services where the client is, they will bring forth better access to preventive, and urgent care, more efficiently.
On his part, SG Blocks CEO Paul Galvin stated that the relationship with Transcend was exciting for the company. He added that the partnership offers the company a chance to repurpose its container and help reduce the strain on public health infrastructure.
Looking at its price action, the stock opened the day at $3.80 and traded between a low of $3.26 and a high of $9.74, before closing the day at $9.30. Volumes in the day stood at 21.43 million.
About SG Blocks Inc
SG Blocks Inc fabricates modules for construction in the U.S. The company is based in Brooklyn, New York.